LONDON, February 15, 2012 /PRNewswire/ --
As previously announced, on July 12, 2011, a shareholder derivative action was filed against the current and former directors of Tetragon Financial Group Limited and Tetragon Financial Group Master Fund Limited (together, "TFG"), TFG's Investment Manager, the principals of TFG's Investment Manager and an affiliated entity (the "Action").
The Action made a series of allegations with respect to performance fees charged by TFG's Investment Manager. TFG and its Board of Directors believed, and continue to believe, that the Action was factually and legally without merit. Accordingly, the defendants had sought dismissal of the Action.
On February 14, 2012, Judge Jed S. Rakoff of the United States District Court for the Southern District of New York rendered his decision, agreeing with defendants that the purported shareholder who brought the lawsuit failed to satisfy basic pleading requirements of derivative actions. The Court ordered the case dismissed in its entirety with prejudice.
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.
For further information, please contact:
David Wishnow/Yuko Thomas
UK - Brunswick Group
Andrew Garfield/Gill Ackers/Pip Green
US - Sard Verbinnen & Co.
Jonathan Gasthalter/Carissa Ramirez
SOURCE Tetragon Financial Group Limited