BioAtla Faces Class Action Lawsuit Over Bylaw Provisions

BioAtla (BCAB) has released an update.

Upendar Golla has initiated a class action lawsuit against BioAtla, Inc. and its Board of Directors, alleging that certain advance notice bylaw provisions are invalid and accusing the Board of breaching fiduciary duties. While the suit is ongoing, the Board has decided not to enforce these contested provisions at the upcoming annual meeting. This means stockholders can submit proposals or director nominations without having to disclose certain information previously mandated by the bylaws, such as details of shareholdings or agreements related to acquiring, holding, or voting of company stock. The Board, however, retains the right to waive any bylaw provisions at its discretion.

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