Class action for damages caused by the negligence of the Board of Directors of BioSyntech Inc.
On May 13, 2013, Mr. Vincent Blais, represented by Trudel Johnston & Lespérance, launched a class action against the eight individuals who were members of the Board of Directors of BioSyntech Inc. on May 12, 2010.
The Board oversaw a troubling pattern of negligence that resulted in the hurried sale of its intellectual property and subsequent bankruptcy of the company when it was on the verge of disclosing pivotal, stage III, clinical results for BST-Cargel, its promising, flagship medical device to repair damaged knee cartilage.
Piramal Healthcare Ltd., a shareholder in BioSyntech Inc. with a representative on the Board, purchased the company’s intellectual property for just over 4.5 million dollars.
The class action seeks compensation for the damages that securities holders in BioSyntech Inc. suffered as a result of the faults of the Board members. These faults have deprived class members of their right to share in the profits of what Piramal Healthcare Ltd. now calls a billion dollar global market for BST-Cargel.
For further information, please do not hesitate to contact Plaintiffs’ attorney: