Biotech Firm Hit With COVID-Related Derivative Suit Over Warrant Revisions

(October 9, 2020, 1:20 PM EDT) -- SAN FRANCISCO — An investor sued a biotechnology company’s board of directors and a hedge fund in California federal court on Sept. 17, alleging that the defendants breached their fiduciary duty by illegally spring-loading warrants and stock option agreements that allowed the hedge fund and the company’s CEO reap massive profits after the company announced that it had been selected to take part in the U.S. Department of Health and Human Services’ Operation Warp Speed (OWS) program (David Stachowski v. Steven J. Boyd, et al. No. 20-6525, N.D. Calif.)....

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