This looks interesting. Comments?
>>ANN ARBOR, Mich., Aug. 25 /PRNewswire-FirstCall/ -- Esperion Therapeutics, Inc. (Nasdaq: ESPR - News) today announced that it has commenced litigation against Scott Sacane, Durus Capital Management, LLC, Durus Capital Management (NA), LLC and Durus Life Sciences Master Fund, Ltd. (together, the Sacane Group) in United States District Court in Connecticut. On July 25, 2003, Esperion learned that the Sacane Group had become the beneficial owners of almost 33% of the Company's then outstanding common stock. The Sacane Group had not previously disclosed these transactions to the Company.
The lawsuit seeks recovery of profits made by the Sacane Group from purchases and sales of Esperion common stock that represent short-swing transactions under Section 16(b) of the Securities Exchange Act of 1934, as well as equitable relief and attorneys' fees. The Company will also continue to explore opportunities to work cooperatively with the Sacane Group to resolve this matter.
"After careful review of the events related to this action and the options available to Esperion, we feel that this lawsuit represents the best course of action to protect the interests of Esperion and its stockholders," said Roger S. Newton, Ph.D., President and CEO of Esperion Therapeutics. "We remain focused on our efforts to discover and develop new HDL-targeted therapies for the treatment of cardiovascular disease while we work towards a favorable resolution to this matter."<<
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Cheers, Tuck |
