Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

CytoDyn Executives Sued for ‘Oversized’ Stock Awards

April 30, 2020, 9:31 PM

CytoDyn Inc.’s board of directors and other executives were hit with a derivative action in Delaware Chancery court by a group of stockholders who said the company insiders enriched themselves through “unjustified and oversized awards” of the company’s stock.

The stockholder plaintiffs, Alpha Venture Capital Partners LP, Caracciolo Family Trust, Gregory Gould, Law Offices of Kenneth E. Chyten Defined Benefit Pension Plan, Gavin Myers, and Martin Peterson, say they want to hold the company’s directors accountable for awarding themselves and others about 21 million shares of company common stock without following procedures.

The equity awards were “patently unfair and excessive,” ...

To read the full article log in.

Learn more about a Bloomberg Law subscription