Damage claims of $145 million for gross mismanagement
TORONTO, March 9, 2016 /CNW/ - Eugene Melnyk announced today that a legal proceeding has been commenced against Acerus Pharmaceuticals Corporation (TSX:ASP). A Notice of Action was delivered to the company on March 4, 2016.
The legal proceeding names Acerus Pharmaceuticals as a corporate defendant along with Acerus' Chairman, Ian Ihnatowycz, and President, Tom Rossi. Six other current or former directors and officers of the company are also referenced in the legal proceeding.
As the plaintiff, Mr. Melnyk is claiming $145 million in damages for breach of fiduciary duty in connection with the gross mismanagement of the company which has resulted in a substantial diminution in the value of its shares. The claim also states that Acerus Pharmaceuticals' business was conducted in a manner that is oppressive and unfairly prejudicial to the interests of its shareholders.
The value of Acerus Pharmaceuticals' stock has declined dramatically from $4.45 on April 9, 2012 to its closing price yesterday of $0.09.
The Notice of Action was issued with the Ontario Superior Court of Justice. The full claim will be issued within 30 days.
SOURCE Eugene Melnyk