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Biopharma Wins $1 In Del. IP Suit Over Ex-CEO's Wrongdoing
Law360 (June 23, 2021, 7:12 PM EDT) -- A Delaware vice chancellor on Wednesday ruled that, although the former CEO of Macrophage Therapeutics Inc. breached his fiduciary duty to the biopharma company through a "series of conflicted transactions," only $1 in damages will be awarded as no real harm was done.
Vice Chancellor Joseph R. Slights III ruled that Dr. Michael M. Goldberg, who served as CEO of Macrophage until February 2019, breached his fiduciary duty to the company related to transactions that led to a "prized asset" being transferred to an entity he formed.