Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 181

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 181
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 laws. Furthermore, such requirements
will add burdensome restrictions on the resale of Tvardi’s common stock by affiliates of Legacy Tvardi and any holders of “restricted”
or “control” securities of Tvardi.

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Tvardi may become involved in securities litigation that could divert management’s attention and harm Tvardi’s business and insurance coverage may not be sufficient to cover all costs and damages.

In the past, securities class action or stockholder
derivative litigation often follows certain significant business transactions, such as the sale of a business division or announcement
of a merger. Tvardi is involved and may continue to be involved in this type of litigation in connection with the Merger.

​

Between December 20, 2024, and March 19, 2025, Cara
received 13 demands (and three draft complaints) from purported stockholders of Cara (collectively, the Demands) challenging the disclosures
in the proxy statement/prospectus (the Proxy Statement/Prospectus) included in the Registration Statement on Form S-4 related to the Merger
and asserting claims for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. In addition, on March 5 and March
6, 2025, two lawsuits were filed by purported stockholders of Cara in the Supreme Court of the State of New York, County of New York.
The lawsuits are captioned Joseph Clark v. Cara Therapeutics, Inc., et al., No. 651260/2025 and Michael Kent v. Cara Therapeutics, Inc.,
et al., No. 651272/2025 (collectively, the Complaints). The Complaints named Cara and the members of the Cara board of directors as defendants,
and, like the Demands, challenged the disclosures (under New York state law) in the Proxy Statement/Prospectus.

Cara and the other named defendants deny that they
violated any laws or breached any duties to stockholders of Cara, and they believe that no supplemental disclosure was required to the
Proxy Statement/Prospectus under any applicable law, rule or regulation. Nevertheless, solely to eliminate the burden and expense of litigation
and to avoid any possible disruption to the Merger that could result from such litigation, Cara filed certain supplemental disclosures
on March 24, 2025 to moot the disclosure claims alleged in the Demands and the Complaints. On April 15, 2025, the Merger