Forte Biosciences Inc. directors lost their bid Monday to dodge allegations that they sought to keep their seats by adopting a corporate poison pill, expanding the company’s board, and placing stock with friendly investors.
A judge let the case move forward Monday in Delaware’s Chancery Court, where it’s part of a wave of investor lawsuits taking aim at a new generation of defensive strategies deployed by corporate boards facing stockholder influence campaigns. The rising tide of activists is now colliding with allegedly weaponized nomination bylaws, repurposed poison pills, shareholder agreements that favor insiders, and other tactics.
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