Securities & Investment Fraud

Celera Corporation

Result: Confidential settlement
Year: 2014

Biotechnology Value Fund, L.P. v. Celera Corp.

Lieff Cabraser represented a group of affiliated funds investing in biotechnology companies in this individual action arising from misconduct in connection with Quest Diagnostics Inc.’s 2011 acquisition of Celera Corporation.

Celera, Celera’s individual directors, and Credit Suisse were charged with violations of Sections 14(e) and 20(a) of the Exchange Act and breach of fiduciary duty. In February 2014, the Court denied in large part defendants’ motion to dismiss the second amended complaint.

In September 2014, the plaintiffs settled with Credit Suisse for a confidential amount. After the completion of fact and expert discovery, and prior to a ruling on defendants’ motion for summary judgment, in January 2015 the plaintiffs settled with the Celera defendants for a confidential amount.