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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!