Deal Reached In Anixa Repriced-Stock Suit In Chancery

Law360 (August 22, 2019, 4:13 PM EDT) -- Anixa Biosciences Inc. has reached a proposed settlement instituting governance changes to resolve claims that its directors downpriced stock options held by insiders in 2017 while delaying a new patent award announcement that bumped up option values, according to filings late Wednesday in Delaware Chancery Court.

The stipulated settlement would bring an end to a derivative suit filed last year by stockholder Thomas S. Howland Jr. against Anixa directors in place at the time of the repricing, claiming that they breached their fiduciary duty and were unjustly enriched in the process.

Under the proposed settlement, which the court will consider at...

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