Olshan Frome Wolosky LLP represented IsZo Capital in the case.
IsZo Capital filed a class action lawsuit against Emisphere Technologies Inc. seeking damages arising from a $1.8 billion sale of the biotechnology company to Novo Nordisk A/S under terms claimed to have unfairly benefited the company’s controlling investor, MHR Fund Management and its affiliates.
Prior to the merger, IsZo Capital was Emisphere’s largest unaffiliated shareholder. IsZo Capital is one of several parties seeking damages against MHR for allegedly “co-opting” the Board and forcing an “ill-timed” sale to Novo Nordisk at an “artificially low price,” according to the lawsuit. The Complaint further alleges that Emisphere’s Board breached its fiduciary duty by failing to ensure that the Special Committee ran a fair process or obtained a fair price. The former shareholders, including IsZo, filed a motion to consolidate all pending class action lawsuits.
Iszo Capital Management L.P. is an investment fund managing more than $212 million ran by Brian Sheehy. There are currently 5 companies in Mr. Sheehy’s portfolio.
Olshan Frome Wolosky LLP represented IsZo Capital with a team including Adrienne Ward and Lori Marks-Esterman.
Law Firms: Olshan Frome Wolosky;
Clients: Iszo Capital Management;