KaloBios Strips Ex-CEO Shkreli Of Shareholder Power
Law360, Washington (July 7, 2016, 5:30 PM ET) -- KaloBios Pharmaceuticals Inc. is scaling back the shareholder rights of former CEO Martin Shkreli amid its Chapter 11 bankruptcy reorganization plan, the drug development company said Thursday announcing a new agreement with Shkreli, who was fired from the company after his arrest on charges of securities fraud.
Under the "Definitive Governance Agreement," the Brisbane, California-based KaloBios will be allowed to buy back Shkreli's stock at a 10 percent market discount and possesses a right of first refusal on any shares the ousted executive wishes to sell,...
Under the "Definitive Governance Agreement," the Brisbane, California-based KaloBios will be allowed to buy back Shkreli's stock at a 10 percent market discount and possesses a right of first refusal on any shares the ousted executive wishes to sell,...
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