PharmaJet Sued Over ‘Founder’s Syndrome,’ Board Coup Allegations

PharmaJet Inc.'s founder and a faction calling itself her “supper club” orchestrated a corporate coup, sidelined the company’s scientific advisers, and obstructed efforts by its largest investor to buy more stock, an unsealed lawsuit says.

Hearthstone Investments Ltd. is suing the medtech business and its directors, including co-founder Heather Callender-Potters. After her plan to stack the board with loyalists failed, she mobilized a coalition of friendly investors to dissolve and replace it, then tried to mislead other stockholders out of selling shares to Hearthstone, the suit says.

The dispute echoes a recurring theme in Delaware’s Chancery Court, which in recent ...