A venture capital fund with a seat on the Vera Therapeutics Inc. board owes the biotech company $6.4 million that it obtained in short-swing trading profits, an investor says in a new derivative suit.
The profit made by Sofinnova Venture Partners X LP and related firms belongs to Vera under Section 16(b) of the Securities Exchange Act, investor Calenture LLC says. It filed its suit on behalf of Vera on May 31 in the US District Court for the Southern District of New York.
Sofinnova was an early investor in Vera, purchasing $15 million in the then-private company’s convertible preferred ...
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