Biopharma Co. Investors Allege Voting Rule Fouls In Del. Suit

Law360 (September 12, 2019, 3:49 PM EDT) -- BioDelivery Sciences International Inc. stockholders have sued the specialty pharmaceutical company and its board in Delaware's Chancery Court, accusing its directors of enacting charter amendments without proper approval that ended staggered director terms and changed stockholder voting rules.

The proposed class action filed Wednesday alleges that the provisions were put in place despite failure to obtain a required majority vote in 2018. It seeks the nullification of the two certificate of incorporation, or charter, changes that it says declassified the board and changed the voting standard for director elections to a majority of votes cast from the existing plurality requirement.

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