Home Add to Favorite Contact Submit  
           07 May, 2021


    
Category:  Press » Legal

 

Federal Court Prohibits Laddcap From Taking Any Action on Consents

Popularity:
         Views: 1454
2006-08-19 06:44:38     
Delcath Systems, Inc.

Delcath Systems, Inc. (Nasdaq: DCTH) announced today that a federal court has temporarily prohibited Laddcap Value Partners LP and certain related entities (the "Ladd Defendants") from taking any action based on consents that they may obtain as part of their consent solicitation.

As previously announced, Delcath commenced a lawsuit against the Ladd Defendants for alleged violations of the federal securities laws. The lawsuit alleges that the Ladd Defendants have made a series of material misrepresentations and omissions to Delcath's shareholders in connection with their campaign to take control of the Company. This includes Ladd Defendants' statements surrounding two investment banking firms, Fulcrum Global Partners LLC and Glocap Funding, LLC, from which the Ladd Defendants obtained a valuation of Delcath and shared with other Delcath shareholders. Ladd Defendants misrepresented their relationships with both banks and the banks' backgrounds, including the fact that neither had the capability to, nor had ever previously, issued a single fairness opinion or valuation on any company that has been filed with the SEC.

The lawsuit seeks to require the Ladd Defendants to correct their misrepresentations and omissions before attempting to use their consent solicitation to replace Delcath's Board of Directors with their own slate of handpicked director nominees.

The Honorable Reggie B. Walton of the U.S. District Court for the District of Columbia entered an order temporarily prohibiting the Ladd Defendants from taking any action based on consents obtained during their consent solicitation. Though the Ladd Defendants have filed a Schedule 14A Definitive Proxy Statement to commence their solicitation of shareholder consents, Judge Walton's order prohibits the Ladd Defendants from taking any action with respect to consents they may obtain and also from disclosing any tallies of consents they may obtain. Judge Walton also indicated that he would be transferring the lawsuit to the U.S. District Court for the Southern District of New York for the convenience of the parties. Delcath intends to vigorously pursue the lawsuit and seek further injunctive relief from the New York federal court to ensure that Delcath's shareholders can decide on the future of their Company based on full and accurate information.

About Delcath Systems, Inc.

Delcath Systems is a developer of isolated perfusion technology for organ or region-specific delivery of therapeutic agents. The Company's intellectual property portfolio currently consists of 12 patents on a worldwide basis, including the United States, Europe, Asia and Canada.

This release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to our ability to successfully complete Phase III clinical trials and secure regulatory approval of our current or future drug-delivery system and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Delcath undertakes no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.

On August 1, 2006, Laddcap filed a preliminary consent solicitation statement with the SEC relating to Laddcap's proposal to, among other things, remove the current Board of Directors and replace them with Laddcap's nominees. In response, on August 7, 2006, Delcath filed a preliminary consent revocation statement on Form PREC14A with the SEC (the "Preliminary Consent Revocation Statement") in opposition to Laddcap's consent solicitation. Delcath shareholders should read the Preliminary Consent Revocation Statement (including any amendments or supplements thereto) because it contains additional information important to the shareholders' interests in Laddcap's consent solicitation.

The Preliminary Consent Revocation Statement, the definitive consent revocation materials (when filed) and other public filings made by Delcath with the SEC. Delcath also will provide a copy of these materials free of charge upon request to Delcath Systems, Inc., Attention: M. S. Koly, Chief Executive Officer, (203) 323-8668.

Delcath has engaged MacKenzie Partners, Inc., who may be deemed to be a participant in the solicitation of Delcath shareholders, to assist in connection with Delcath's communications with shareholders regarding Laddcap's consent solicitation. Information regarding the interests of MacKenzie Partners, Inc. is contained in the Preliminary Consent Revocation Statement (including any amendments or supplements thereto). In addition, certain of Delcath's directors, officers and employees may be deemed to be participants in the solicitation of Delcath's shareholders. Information regarding the names and interests of these other persons is contained in the Preliminary Consent Revocation Statement (including any amendments or supplements thereto).

Specialized in: Federal Court - Laddcap - Taking - Action - Consents
URL: http://www.delcath.com
Print press release      Bookmark this page
Related Press releases 
Fairfax Title Company Answers How Mortgage Refinancing Works (Popularity: ): Fairfax, Virginia (press.abc-directory.com) December 2, 2019 - Mathis Title Company, a Fairfax title company, recently published a blog called "How Mortgage Refinancing Works to help homeowners better understand the refinancing process. This can assist them in getting better refinancing deals and saving money for other investments.Mortgage refinancing is the process of replacing an existing mortgage with a new loan, often with a loan that offers lower monthly payments, lower interest ...
McMahon & Winters Announces Sponsorship of Lancaster Newspapers' Food & Spirits Festival on 7/13/14 (Popularity: ): Lancaster, PA ( press.abc-directory.com ) June 19, 2014 - McMahon & Winters Law Firm is pleased to be a part of the Lancaster Newspapers' fourth annual Food & Spirits Festival as the parking sponsor. The Festival is an annual event showcasing local restaurants, vineyards, retailers, microbreweries, musicians, distilleries, and more. McMahon & Winters Law Firm is excited to join in this year's festival, dedicated to those who relish delicious food, ...
Two Happy Homes, Inc. Sponsors TDE - The Divorce Expo™ in Naperville (Popularity: ): Ann Arbor, MI, July 04, 2012 -- The first Metro Chicago The Divorce Expo™ will take place August 18 at the Hotel Arista, at CityGate Centre in Naperville. The expo is designed for those facing the challenges of divorce; whether they are considering divorce, currently living through a divorce or dealing with the aftermath. The event offers top experts in their fields, keynote speakers, 20 plus interactive seminars and demonstrations.“With ...
New Legal Advice Engine launched for Solicitors and Law Firms (Popularity: ): Legal question and answer company, Expert Answers Ltd, has launched its Online Legal Advice Engine for use by solicitors and law firms in the United Kingdom.Online legal advice specialist, Expert Answers Ltd, has announced the launch of its new Legal Advice Engine for solicitors and law firms in the UK. This engine will benefit solicitors and law firms in three ways:• an additional service to offer clients • revenue generation • source ...
Leading Atlanta Law Firm gets a New Web Presence (Popularity: ): MENLO PARK, CA -- December 10, 2012 - Martenson, Hasbrouck & Simon LLP, a leading Atlanta, GA, based law firm recently launched their redesigned website with a new look web presence designed by Flying Cow Design. The law firm's new website is designed to address the changing legal needs and connect with a growing web-savvy audience. The law firm is among the leading law firms in Atlanta, GA, specializing in ...

Press release home snapshot 


Related Business 
Web 'Cites' for Federal Defenders (Popularity: ): Websites useful to lawyers defending federal criminal cases, including links to Supreme Court and federal appellate decisions, also offering downloadable copies of the Federal Public Defender's 'Supreme Court Review-Preview-Overview' and 'Defense Newsletter' in PDF format.
Andy Tindel (Popularity: ): Tyler attorney offering litigation services for commercial, class action, product liability, personal injury, professional negligence, and general tort claims in state and federal court.
Bangladesh Process Servers (Popularity: ): Bangladesh Process Servers is a venture of Greves Group to provide the Process Service in all the parts of Bangladesh. Here we provide services to corporations, local & international businesses, solicitors/ proprietors, private individuals to serve the relevant documents for or from County Court, Magistrates Court, Supreme Court, family Law Court, Federal Court for private and professional matters.
Colombo Process Servers (Popularity: ): Colombo Process Servers is a venture of Greves Group to provide the Process Service in all the parts of Colombo. Here we provide services to corporations, local & international businesses, solicitors/ proprietors, private individuals to serve the relevant documents for or from County Court, Magistrates Court, Supreme Court, family Law Court, Federal Court for private and professional matters.
Criminal Defense Law Firms (Popularity: ): Our Criminal Defense Law Firms have represented thousands of individuals singled out during criminal investigations and charged with all levels of crimes. They have appeared in county court, circuit court, the Florida Supreme Court, and Federal Court to fight for our clients.
Cambodia Process Servers (Popularity: ): Cambodia Process Servers is a venture of Greves Group (www.grevesgroup.com) to provide the Process Service in all the parts of Cambodia. Here we provide services to corporations, local & international businesses, solicitors/ proprietors, private individuals to serve the relevant documents for or from County Court, Magistrates Court, Supreme Court, family Law Court, Federal Court for private and professional matters.
Japan Process Servers (Popularity: ): Japan Process Servers, a venture of Greves Group and a professional Process Servers In Japan for the service of Serving Papers In Japan for corporations, local & international businesses, solicitors/ proprietors, private individuals and equipped to serve the relevant documents for or from County Court, Magistrates Court, Supreme Court, Family Law Court, Federal Court for private and professional matters.
Federal Court Reporters of San Antonio Inc (Popularity: ): A Court reporting service to South and Central Texas. Description of services and facilities, contacts.
Signorelli, Richard E., Esq. (Popularity: ): Manhattan; Harvard Law School; federal and state court; former federal prosecutor.
CanLII - Canadian Legal Information Institute (Popularity: ): Provides free access to Canadian full-text court decisions available on the web. Includes all Canadian provinces as well as the Federal Court of Canada and the Supreme Court of Canada. Also includes statutes and regulations.