Navidea BioPharma Sued Over Scheme to ‘Steal’ Corporate Control

A Navidea BioPharmaceuticals Inc. director stacked its board with cronies, seized control of the biotech company, and devoted its resources to satisfying his “insatiable, shameless greed,” according to a lawsuit.

An investor sued Navidea and its alleged sole remaining board member, John Scott, saying he engaged in an “extreme and unconscionable level of self-dealing” after the departure of dissenting leadership factions left the company susceptible to his “campaign of exploitation.” Even Scott’s allies ultimately resigned, but their apparent remorse was “too little, too late,” according to the lawsuit filed Thursday in Delaware’s Chancery Court.

The court complaint seeks damages from ...