Kronos Bio, Board Sued by Shareholder Over Concentra Buyout Deal

Kronos Bio Inc.‘s impending sale to Concentra Biosciences LLC was misleadingly contrived to line the pockets of top brass without targeting benefits for investors, a lawsuit seeking to stop the approximately $35 million deal said.

Kronos’ acquisition paperwork misrepresented the sales process plus board and management’s conflicts of interest—including large, illiquid amounts of Kronos stock that will be converted into the merger consideration not shared with public shareholders—said the complaint filed in the US District Court for the Northern District of California ...