Verenium Beats $3.8M Stock Conversion Suit

Law360, New York (January 6, 2011, 6:38 PM EST) -- Verenium Corp. has dodged Capital Ventures International's suit seeking $3.8 million in damages based on a disagreement over the price at which it could cash in its $54 million senior convertible note in the energy company for stock.

Judge George B. Daniels of the U.S. District Court for the Southern District of New York ruled that the contract between Verenium and CVI was unambiguous and that CVI could convert its investment to stock at a price of $2.13 per share, as initially agreed between the two...
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