Northwest Biotherapeutics Agrees to End Unjust Enrichment Suit

Northwest Biotherapeutics board members and a company investor are proposing to end claims that the board members breached their fiduciary duty by giving themselves about $41 million in stock options.

The biotech company’s board members and investor F. Glenn Schaeffer agreed Oct. 5 to settle the case for a cash payment of $2.25 million to the company, and the board members’ “surrender, rescission, or cancellation” of 17% of the 2020 option awards, which included more than 134 million options, according to a stipulation and settlement agreement filed Dec. 12 with the Delaware Court of Chancery.

• The options were an “unprecedented ...