MINEOLA A shareholder of a local biotech firm has convinced a judge that it would have been futile to make a demand on the board of directors before filing a derivative action for alleged insider trading against the company and its financial advisers.
July 08, 2002 at 12:00 AM
1 minute read
MINEOLA – A shareholder of a local biotech firm has convinced a judge that it would have been futile to make a demand on the board of directors before filing a derivative action for alleged insider trading against the company and its financial advisers.
State Supreme Court Justice Geoffrey O’Connell rejected a pre-answer motion to dismiss filed by American Biogenetic Sciences (ABS) and its chairman, who are defending a shareholder derivative action.
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