Angiotech stockholder representative makes demand, files lawsuit concerning merger

By Caroline Salls

Pittsburgh, Oct. 6 - Angiotech Pharmaceuticals, Inc. has been notified that the representative for the former stockholders of Quill Medical, Inc. has made a formal demand to the American Arbitration Association alleging that the company and its QMI and Angiotech Pharmaceuticals (US), Inc. subsidiaries failed to satisfy specified obligations under a May 2006 agreement and plan of merger, according to a company news release.

The demand also seeks monetary damages or a one-year extension of earn-out periods included in the merger agreement.

In addition, Angiotech said it has been served with a summons in a lawsuit filed by the Quill Medical stockholder representative in the U.S. District Court for the Middle District of North Carolina.

The lawsuit alleges that Angiotech breached contractual obligations under the merger agreement and that it made misrepresentations or omissions during the initial negotiation of the agreement.

The complaint also alleges "tortuous interference."

Quill stockholder representative QSR Holdings, Inc. is seeking undisclosed damages, as well as punitive damages and/or attorneys fees.

Angiotech is a Vancouver, B.C.-based specialty pharmaceutical and medical device company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.