Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 4

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 4
---
 filed in the Supreme
Court of the State of New York, County of New York on March 5 and March 6, 2025 by two purported stockholders of Cara in connection
with the Merger. The lawsuits are captioned Joseph Clark v. Cara Therapeutics, Inc., et al., No. 651260/2025, or the Clark Complaint,
and Michael Kent v. Cara Therapeutics, Inc., et al., No. 651272/2025, or the Kent Complaint, and together with the Clark Complaint,
the Complaints. Each Complaint named as defendants Cara and the members of the Cara board of directors. The plaintiffs contended that
the Form 424 prospectus filed on February 14, 2025, or the Form 424 Prospectus, omitted or misrepresented material information
regarding the Merger, rendering the Form 424 Prospectus false and misleading.

Between December 18, 2024 and March 24,
2025, Cara received thirteen demands and three draft complaints from purported stockholders of Cara making substantially similar claims
as in the Complaints regarding the disclosures in the proxy statement/prospectus related to the Merger.

Additional lawsuits may be filed against
Cara, Merger Sub, Tvardi, and/or the Cara Board, and additional demands may be received in connection with the Merger and the proxy statement/prospectus.
The defendants dispute the allegations in the shareholder demands and the Complaints.

| 4. | The following disclosure replaces the second paragraph under the risk factor titled “Cara and                                              
 Tvardi equityholders will have a materially reduced ownership and voting interest in, and will exercise less influence over the management 
 of, the combined company following the closing of the Merger as compared to their current ownership and voting interest in the respective  
 companies,” on page 30 of the proxy statement/prospectus:                                                                                  |

Following the Closing, Sujal Shah will
serve as Chairman and Imran Alibhai will serve as the Chief Executive Officer of Cara as the combined company. Additionally, following
the closing, the Combined Company Board will consist of seven directors, and will be comprised of five members designated by Tvardi (Sujal
Shah, Michael Wyzga, Wallace Hall, Shaheen Wirk and Imran Alibhai), one member designated by Cara (Susan Shiff) and one vacancy,
to be designated by Tvardi if prior to the closing of the Merger or by the combined company