Genzyme Board Sued Over Drug Delays, Insider Deals

Law360, New York (December 22, 2009, 7:17 PM EST) -- Members of Genzyme Corp.'s board of directors are the target of a shareholder derivative suit filed on Tuesday alleging that they caused the company to issue misleading statements about its compliance with the U.S. Food and Drug Administration and that they sold $117 million of Genzyme stock based on nonpublic information.

Genzyme shareholders William and Edna Panzini filed suit on the biotechnology company's behalf in the U.S. District Court for the District of Massachusetts, accusing a slew of Genzyme higher-ups of breaches of fiduciary duties, unjust...
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