Chancery Orders Injunction Hearing On CytRx Vote Coercion
Law360 (August 11, 2021, 8:34 PM EDT) — A nonlawyer stockholder won Chancery Court approval Wednesday for an expedited preliminary injunction hearing targeting an allegedly coercive vote on a 49.75% increase in the number of shares issued by biopharmaceutical company CytRx Corp.
Vice Chancellor Paul A. Fioravanti, ruling after a telephone argument, rejected a temporary restraining order request, however, and cautioned that CytRx stockholder Jerald A. Hammann would have a “steep hill to climb” in his pursuit of an injunction to block a scheduled Sept. 23 vote on the company’s proposal.
Hammann, a Minnesota resident, argued that CytRx’s board breached a cooperation agreement reached with him last year when…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!
