Hemispherx Can't Duck Suit Over $2.1M Exec Bonuses
Law360, Wilmington (August 18, 2015, 5:28 PM EDT) -- A Delaware Chancery judge on Tuesday refused to throw out a shareholder suit challenging Hemispherx Biopharma Inc.'s $2.1 million in bonuses for executives who led a doubling of the biotech's market capitalization, saying too many questions remain unanswered about the propriety of the payments.
Chancellor Andre G. Bouchard said following arguments in Wilmington that Hemispherx's special litigation committee failed to meet its burden under Chancery case law to establish it acted independently and in good faith when it concluded it was not in the company's best interest to litigate against its own executives and board over the payments.
The special litigation...
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