|By PR Newswire||
|August 11, 2014 01:55 AM EDT||
LONDON, August 11, 2014 /PRNewswire/ --
As previously announced, on June 18, 2013, a shareholder derivative action was filed by Leon Cooperman's Omega Overseas Partners, Ltd. ("Omega") in United States District Court, Southern District of New York, against the 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 other affiliated entities (the "Action"). The Action made a series of allegations with respect to the October 2012 acquisition by TFG of Polygon Management L.P.
On August 7, 2014, in an opinion by Judge Richard J. Sullivan, the Court dismissed the Action in its entirety finding that Omega had "failed to state a federal claim". In so doing, the Court expressly rejected Omega's attempt to accomplish a "backdoor" route to a claim barred by prior Supreme Court precedent. The Court likewise refused to exercise its discretion to take cognizance of related claims asserted by Omega under Guernsey law.
TFG and its Board of Directors believe that Mr. Cooperman has been repeatedly untruthful in his dealings with the company and that the Action was ultimately brought by him in an attempt to gain undue influence over TFG and its activities. In an earlier order in this Action, the Court itself stated that "Cooperman may have been dishonest in his communications with Tetragon and that he may be prone to sophistry while under oath".
TFG and its Board of Directors are pleased that the Action has been dismissed and remain focused on creating long term value for all shareholders.
TFG is a Guernsey closed-ended company traded on Euronext Amsterdam N.V. under the ticker symbol "TFG" that aims to provide stable returns to investors across various credit, equity, interest rate and real estate cycles. The company maintains two key business segments: an investment portfolio and an asset-management platform. Both segments cover a broad range of assets including bank loans, real estate, equities, credit and convertible bonds. For further information, please contact:
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 U.S. Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to U.S. 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 U.S. 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.
SOURCE Tetragon Financial Group Limited
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