Winston & Strawn must face a $2.5 million malpractice suit from former shareholders of pharmaceutical company Biosynexus for allegedly botching the 2005 sale of the company, a Manhattan judge has ruled.

In OrbiMed v. Winston & Strawn, 13708/10, Supreme Court Justice Judith J. Gische (See Profile) allowed to go forward two of three claims in the suit, which was filed by medical investment firm OrbiMed on behalf of all Biosynexus’ former shareholders. The shareholders claimed Winston & Strawn failed to disclose details of Biosynexus’ licensing agreements while the shareholders were negotiating the company’s sale to the hedge fund QVT Fund LP. As a result of that alleged failure, the shareholders claim they spent $2.5 million suing QVT in order to get paid in full for the $56 million sale.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]