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CA
Court sides with psychedelic biotech, over hedge fund
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Investment Executive
However, the court rejected those arguments, finding that the meeting was called in compliance with the statutory requirements in this area.
“PBM met this technical requirement,” the court said — adding that the company also provided shareholders with information for the meeting in compliance with the legislative requirements.
“Kaos argued that there is a difference between technical compliance and meaningful compliance,” the court noted.
Among other things, the fund argued that the company should have posted a notice on its website announcing the meeting back in mid-December.
The [hedge fund] may return to court for relief … if there is any evidence of impropriety,” it said.