DNA Sequencing Firm Invalidly Filed Bankruptcy, Founder Says

The founders of Genapsys Inc. urged a Delaware bankruptcy judge to dismiss the gene sequencing company’s Chapter 11 case, saying it was authorized by an invalidly-constituted board of directors.

Genapsys lacked the proper authority to file for bankruptcy last month and shouldn’t be allowed to continue along its proposed corporate restructuring path, former CEO Hesaam Esfandyarpour and fellow co-founder Kosar Parizi said in a redacted filing made public on Tuesday in the US Bankruptcy Court for the District of Delaware.

In the wake of a July 6 Delaware Chancery Court ruling in which four Genapsys board members were removed, an ...