Sinovac Beats Untimely Investor Poison Pill Manipulation Lawsuit

Chinese vaccine maker Sinovac Biotech Ltd. escaped a lawsuit from a class of shareholders after a Delaware chancellor ruled Monday that their allegations of a manipulated anti-takeover poison pill were untimely.

The proposed shareholder class action was dismissed after Vice Chancellor J. Travis Laster ruled that Delaware’s three-year statute of limitations applied to breach of contract and fiduciary duty, aiding and abetting breach of contract and fiduciary duty, and wrongful dilution claims. The investors argued Antigua’s six-year tolling limit applied to their claims, but since the investors weren’t forced to file in Delaware, the US-based time period applies, Laster’s order ...