This class action alleged that Defendants breached their fiduciary duties of loyalty, good faith and full disclosure owed to the shareholders of Onyx in connection with the sale of Onyx to Amgen by failing to take steps to maximize the value of Onyx stock, failing to appropriately protect shareholders from the multiple conflicts of interest at play with Onyx’s Board, agreeing to unreasonably preclusive deal protection provisions, and failing to fully disclose all material facts related to the Acquisition.
After successfully defeating defendants’ motions to dismiss and certifying the class, the parties entered into a settlement of $30 million. At the tiem the settlement was reached, it was the largest M&A settlement in California state court history.
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