GreenLight Bio Sued by Investors Eyeing Venture Capital Sale

Investors sued GreenLight Biosciences Holdings PBC over concerns that its planned $45 million sale to a venture capital consortium—and its earlier blank-check deal—may have been rigged to favor corporate insiders.

Two separate lawsuits filed Tuesday seek internal files from the agricultural technology business to investigate allegations that the architects of both transactions were driven by lopsided incentives to shortchange public shareholders while giving a windfall to the company’s leaders and financial backers.

GreenLight’s merger with a special purpose acquisition company in 2022 “was deeply conflicted because the entire board was motivated to prefer a value-destructive merger over no merger at ...