Johnson Fistel Helps Secure $84 Million Partial Settlement for Former Bioverativ, Inc. Investors

Goldstein v. Denner, C.A. No. 2020-1061-JTL (Del. Ch.).  Johnson Fistel serves as additional counsel in a securities class action involving allegations that former officers and directors of Bioverativ breached their fiduciary duties in the sale of Bioverativ to Sanofi S.A. in 2018. The settling defendants agreed to have $84 million paid to former Bioverativ shareholders in exchange for dismissal of claims that those defendants failed to maximize the value of Bioverativ in the sale.  The court approved the partial settlement on September 13, 2023. 

The court also previously upheld, at the pleading stage, claims that Bioverativ director Alexander Denner and his hedge fund, Sarissa Capital, engaged in insider trading in violation of Delaware law by trading on material non-public information about Sanofi’s desire to buy the company. Johnson Fistel, together with lead counsel, is continuing to litigate those claims, seeking disgorgement of Denner’s and Sarissa Capital’s substantial ill-gotten profits plus interest. Trial on those claims is scheduled for April 2024.  “We are pleased to deliver this substantial result for Bioverativ shareholders, and we look forward to holding Dr. Denner and Sarissa accountable at trial,” said lead plaintiff Dr. Stewart N. Goldstein, M.D., an investor and physician in California.

Attorneys Frank J. Johnson, Brett M. Middleton, and Jonathan M. Scott are leading the prosecution of the litigation for Johnson Fistel and, along with Lead Counsel, helped achieve this superb result on behalf the Class.

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