A securities class action has been filed in the USDC – DE. against Cerevel Therapeutics Holdings, Inc. (CERE) (“Cerevel” or the “Company”), on behalf of all persons and entities that:
(a) sold or otherwise disposed of the publicly-traded common stock of Cerevel Therapeutics Holdings, Inc. between October 11, 2023, and August 1, 2024, both dates inclusive (the “Class Period”);
(b) held shares of Cerevel as of the January 8, 2024 record date (“Record Date”) and were entitled to vote on the merger of Cerevel and AbbVie Inc. (“AbbVie”);
(c) sold shares of Cerevel stock contemporaneously with Bain Capital Investors, LLC (“Bain”)’s purchase of shares on or about October 16, 2023.
Cerevel Therapeutics Holdings, Inc. was a Delaware corporation with its principal executive offices located Cambridge, Massachusetts. On August 1, 2024, Cerevel was acquired by AbbVie Inc. Prior to the acquisition, Cerevel’s stock traded on the NASDAQ under the symbol “CERE”.
The complaint alleges that Cerevel’s Offering documents and other public statements omitted material facts regarding AbbVie’s interest in acquiring Cerevel at a price well in excess of the $22.81 per share Offering price, artificially deflating Cerevel’s stock price until the merger was announced. Moreover, Cerevel’s controlling shareholder, Bain, acquired Cerevel shares from the October Offering at an artificially depressed price while allegedly in possession of material nonpublic information regarding AbbVie’s interest. On December 6, 2023 (less than two months after the October Offering), Cerevel publicly announced that AbbVie agreed to acquire Cerevel for $45 per share. The merger allowed Bain to receive a windfall of more than $120 million on the shares it acquired at the artificially depressed Offering price. Additionally, defendants’ allegedly made false and misleading statements and omissions of material facts in Cerevel’s January 18, 2024 Proxy statement (the “Proxy”). Among other things, the complaint alleges the Proxy misled investors regarding the true nature and timing of AbbVie’s interest in Cerevel.
If you:
(a) sold or otherwise disposed of the publicly-traded common stock of Cerevel Therapeutics Holdings, Inc. (“Cerevel” or the “Company”) during the Class Period
(b) held shares of Cerevel as of the January 8, 2024 record date (“Record Date”) and were entitled to vote on the merger of Cerevel and AbbVie Inc. (“AbbVie”)
(c) sold shares of Cerevel stock contemporaneously with Bain Capital Investors, LLC (“Bain”)’s purchase of shares on or about October 16, 2023,
and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.