These guys are as sharp as a tack--they learned of the suit--duh, i guess they opened their mail, or read the Washington Post.
North American Vaccine Advised That Former President Initiates Litigation Against the Company
COLUMBIA, Md., Nov. 4 /PRNewswire/ -- North American Vaccine (Amex: NVX) announced today the Company has learned that Sharon Mates, Ph.D., a director of the Company and the Company's former president, initiated litigation in United States District Court, District of Maryland (the "Complaint") against the Company, two of its directors and BioChem Pharma Inc., a principal shareholder. The claims against the Company seek principally the following: injunctive relief seeking to prevent the Company from consummating a previously announced agreement-in-principle to raise $25 million through a private placement of 4.5% convertible secured notes; injunctive relief against the Company relating to Dr. Mates' access to Company books and records and to her continued service as a director; declaratory relief regarding her termination of employment and removal as president of the Company; claims alleging abusive discharge and defamation. The Complaint also seeks actual and punitive damages in an unspecified amount.
The Company intends to vigorously contest and defend against these claims in this litigation. The Company believes that these claims are without merit and that the Company has meritorious defenses available to it. Accordingly, in the opinion of management, this lawsuit will not have a material adverse effect on the Company. |
