Chancery Keeps Alive Suit Over Repriced Anixa Stock Options

Law360 (June 14, 2019, 5:45 PM EDT) -- Class claims that Anixa Biosciences Inc. directors down-priced stock options held by insiders in 2017 while delaying a new patent award announcement that bumped up option values survived a Chancery Court dismissal challenge late Thursday.

Vice Chancellor Kathaleen S. McCormick’s ruling found arguments conceivable enough to reject dismissal of fiduciary duty breach and unjust enrichment claims filed by a stockholder on the company’s behalf against all five of the Anixa directors who were serving at the time of the repricing.

Also kept alive were the same claims against two of three executives sued who were serving when the options were repriced...

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