Securities Suit Filed Against Applied Genetics for Proposed Sale to Syncona

Eric Sabatini filed a complaint against Applied Genetic Technologies Corporation (AGTPC) and its Board of Directors, accusing the defendants of violating the Securities Exchange Act in connection with their attempt to sell AGTPC to a portfolio company of Syncona Limited.

According to the complaint, the Board filed a materially incomplete Recommendation Statement with the Securities and Exchange Commission on October 26. This statement recommends that stockholders of AGTPC tender their shares despite the following absent information: financial analyses, the background of the proposed transaction, and company insiders’ potential conflicts of interest.

The complaint states that “the misrepresentations and omissions in the Recommendation Statement are material to Plaintiff and the other stockholders of AGTC, who will be deprived of their right to make an informed decision whether to tender their shares or seek appraisal if such misrepresentations and omissions are not  corrected prior to the expiration of the Tender Offer. Plaintiff has no adequate remedy at law.”

The plaintiff seeks the following for relief: preliminary and permanent enjoinment of the defendants from continuing with the sale of AGTPC, directing the defendants to file a materially complete Recommendation Statement, and an award of costs and attorney’s fees.

The plaintiff is represented by Acocelli Law, PLLC.