Enzon Sues Shareholder For Trying To Oust CEO

Law360, New York (April 28, 2009, 12:00 AM EDT) -- Cancer-drug maker Enzon Pharmaceuticals Inc. has filed a lawsuit seeking to enjoin one of its biggest shareholders from soliciting consents in support of a proposal to remove the company's CEO, saying the proposal flies in the face of both the board of directors’ authority and the CEO’s employment contract.

The suit, brought Tuesday in the Delaware Court of Chancery, requested a declaration that the proposal from DellaCamera Capital Management LLC, which owns about 8.3 percent of Enzon's shares, is unlawful and invalid under Delaware law....
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