Chinese vaccine maker Sinovac Biotech Ltd. is facing investor litigation in Delaware over claims that its senior leaders manipulated an anti-takeover poison pill to benefit its chief executive.
The proposed shareholder class action, filed Wednesday, targets the company, CEO Weidong Yin, and other members of its board. The lawsuit says they breached the terms of the poison pill, or “rights agreement,” by waiting to activate it until after Yin increased his stake from 30% to 41% at below-market prices, rather than when it was initially triggered several years earlier.
“The rights agreement is not intended to allow Sinovac’s board to ...
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