I suspect it would be up to the individual board members to sue the SAG. I doubt shareholders would have any recourse, except at the next AGM - unless it could be proved a current director lied (and then you could only go after that director. Any damages to shareholders in the latter event would likely be minimal because given NN's decision, the share price would be where it is now anyway.
For what it is worth, the old board and management was outrageously overpaid compared to other biotechs. The exception being the guys from Novo and the guy from the EMA, who were probably worth what they were paid - but still too much for a one drug small biotech.
If I were running CBio, I would be reviewing the viability of XToll completely. I would also have communicated this to shareholders.
I have no doubt that getting rid the Chairman and CEO were the right thing to do. They cost way too much and had no real history of success in biotech. By association with Jones, I Monsour had to go as well. What you got were those who put up their hands up.
Bill
CBZ Price at posting:
13.0¢ Sentiment: Hold Disclosure: Not Held
