CALIFORNIA — A shareholder is suing a Delaware company, alleging that they wrongfully purchased shares as common stock.
Brian B. Sand & Zachary B. Sand Joint Trust filed a complaint on March 17 in the U.S. District Court Northern District of California against Biotechnology Value Fund L.P., Biotechnology Value Fund II L.P., Investment 10 LLC, MSI BVF Inc., BVF Partners L.P., BVF Inc., Mark N. Lampert and Oncothyreon Inc., citing alleged breach of contract and unfair competition.
According to the complaint, the plaintiffs allege that, between February 2015 and Jan. 13, Brian B. Sand & Zachary B. Sand Joint Trust lost profits due to most of their shares being sold as common stock. The plaintiff holds the defendants responsible because the defendants allegedly failed to recover profits owned by the plaintiff after the 60-day period after the date of demand.
The plaintiffs seek compensation for all damages, all legal fees and any other relief as the court deems just and proper. They are represented by Ian D. Berg and Takeo A. Kellar of Abraham, Fruchter & Twersky LLP in San Diego.
U.S. District Court Northern District of California Case number 3:16-cv-01313-EDL