Heart Device Co. Investors Sue In Chancery Over Lowball Sale
Law360 (July 27, 2020, 6:10 PM EDT) -- Medical device developer Keystone Health Ltd.'s former investors have sued one-time controlling shareholder OribiMed Advisors LLC and three Keystone board members in Delaware's Chancery Court, accusing them of orchestrating an entirely conflicted lowball sale that left common stockholders empty-handed.
The nine-count suit filed Friday accuses private equity firm OrbiMed of lining up a sale of Keystone that paid off only preferred investors, without checking fair value or equivalent markets and without taking steps to protect the process and decision from bias and insider interests. The suit included claims under both Delaware corporation law and Israeli law, where Keystone was founded....
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