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Vaxart Suit Turns 'Mundane To Nefarious,' Del. Judge Told
Law360 (July 28, 2021, 9:59 PM EDT) -- Counsel for top brass of biotech firm Vaxart Inc. pushed at a Delaware Chancery Court hearing Wednesday for dismissal of a derivative suit alleging that company insiders profiteered off news about its COVID-19 vaccine program, saying the case rests on ginned-up "nefarious" conduct.
The investors behind the litigation have alleged that members of Vaxart's board approved stock-option grants and other agreements between March and June 2020 that allowed them and a major shareholder, hedge fund Armistice Capital LLC, to secure big paydays when the company's COVID-19 vaccine candidate was tapped for the federal Operation Warp Speed program at the end of...