UPDATE
On July 25, 2024, we filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Zappia v. Morphic Holding, Inc. et al., Case No. 3:24-cv-04486-JD, on behalf of a class (“Class”) of individuals and entities holding the common stock of Morphic Holding, Inc. (Nasdaq: MORF) (“Morphic”), asserting claims under Sections 14(e) and 20(a) of the Securities Exchange Act of 1934, and under Delaware state law, in connection with the proposed sale of Morphic to Eli Lilly and Company via a tender offer.
Morphic investors are hereby notified that not later than 60 days after the date of this notice, any member of the purported Class may move the Court to serve as lead plaintiff of the purported Class in this action.
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please complete and submit the form below.
A copy of the complaint may be downloaded from the right sidebar.
ORIGINAL RELEASE
We are investigating the fairness of the proposed sale of Morphic Holding, Inc. (Nasdaq: MORF) (“Morphic”) to Eli Lilly and Company (“Eli Lilly”) for $57.00 per share in cash in a tender offer. The sales price is below the price target for Morphic of at least five Wall Street analysts (source: TipRanks).
If you remain a Morphic shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On July 8, 2024, Morphic announced that it had agreed to be sold to Eli Lilly for $57.00 per share in cash in a tender offer.
Notably, according to TipRanks, the sales price of $57.00 per share is below the price target for Morphic of at least five Wall Street analysts:
- Gregory Renza of RBC Capital ($70.00 per share)
- Edward Nash of Canaccord Genuity ($66.00 per share)
- Derek Archila of Wells Fargo ($64.00 per share)
- Thomas Smith of Leerink Partners ($60.00 per share)
- Michael Yee of Jefferies ($60.00 per share)
The sales price is also below Morphic’s 52-week high of $62.08 per share, which indicates that the purchase may be opportunistic after a sharp drop in September 2023.
“We are investigating whether the Morphic Board of Directors acted in the best interests of Morphic shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Morphic shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”