Investors, CBD Pharma Co. Reach Deal Over Clinical Trial Suit

Law360 (May 7, 2021, 9:19 PM EDT) -- Stockholders pressing consolidated, derivative damage claims against CBD drugmaker Zynerba Pharmaceuticals sought preliminary approval Friday for settlement of a federal suit in Delaware targeting damage to the company from undisclosed adverse effects during a drug trial, in a deal that includes a minimum five-year battery of corporate governance reforms.

The motion in the U.S. District Court for the District of Delaware followed docketing of a proposed $4 million class award in a Pennsylvania federal court for direct damages to stockholders arising from the same adverse episode.

Litigation in Delaware focused on harm to the company from alleged breaches of fiduciary duty, unjust...

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