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Biotech Firm Hit With Chancery Suit Over Stock Transactions

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Biotech Firm Hit With Chancery Suit Over Stock Transactions

Biotech Firm Hit With Chancery Suit Over Stock Transactions

Law360 (July 27, 2020, 5:46 PM EDT) — Industrial biotechnology company Amyris Inc. has been hit with a proposed class action in Delaware Chancery Court seeking to halt an upcoming vote on a stock conversion and $200 million stock offering, saying not enough information has been provided for stockholders to make an informed vote.

Stockholder Alexander Flatischler filed suit Friday against Amyris and its board seeking to halt a scheduled Aug. 14 special meeting of Amyris’ stockholders for a vote on the stock transactions. Flatischler contends that the directors have breached their fiduciary duty by not disclosing enough key financial details about the transactions and is seeking to have…

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