Cases & Investigations
Asterias Biotherapeutics, Inc. Breach of Fiduciary Duty Litigation
Type: Resolved Cases
Case Number: 2019-0822-LWW
Defendant(s): Lineage Cell Therapeutics, Inc.
Stock Symbol: NYSE: LCTX
Court: Delaware Chancery Court
Settlement Amount: $10,650,000
Wolf Popper’s lawsuit, which was supported by an investigation into the Asterias board’s books and records pursuant to Section 220 of the Delaware General Corporation Law Section, alleged that Lineage and certain former directors of Asterias breached their fiduciary duties to Asterias’s unaffiliated stockholders in negotiating and thereafter approving the merger, which undervalued Asterias, to minority stockholders’ detriment.
The settlement followed i) a September 21, 2020 ruling, where former Chancellor Andre G. Bouchard denied, in large part, defendants’ motions to dismiss, and ii) vigorous document discovery and depositions of various witnesses affiliated with Asterias, Lineage, and the companies’ financial advisors.
The now-resolved case is Neil D. Ross v. Lineage Cell Therapeutics, Inc., Case Number 2019-0822-LWW, in the Delaware Court of Chancery.
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