Cocrystal Pharma's Reforms To End $27M Stock Plot Suits

Law360 (September 4, 2020, 4:01 PM EDT) -- Cocrystal Pharma Inc. will implement a series of corporate reforms to settle three derivative suits brought by shareholders over an alleged $27 million pump-and-dump scheme that drove down the value of the company's stock, according to a motion Friday in New Jersey federal court seeking preliminary approval of the deal.

The investors behind a Garden State action said the proposed reforms — including barring onetime Riot Blockchain CEO John O'Rourke and other individuals from serving on Cocrystal's board and requiring an external general counsel — will ensure that such alleged misconduct is unlikely to happen in the future.

"The corporate governance enhancements are...

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