Agenus Investor Sues In Del. Chancery Over Option Awards
By Melissa Angell (July 28, 2021, 8:10 PM EDT) -- A shareholder of Agenus Inc. filed a derivative complaint on behalf of the biotech company in Delaware Chancery Court, arguing that Agenus board members and other executives breached their fiduciary duty when they improperly granted millions in stock options last year at an exercise price below market value.
Shareholder Jeffrey Edelman said in his complaint Monday that Agenus' board were unjustly enriched when they issued stock options in violation of the company's "2019 Equity Incentive Plan," since awards were issued at lower exercise prices that did not reflect the closing price of the company's stock.
The exercise price is the amount...
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