In a bit­ter brawl, Arc­turus de­tails ex-CEO's al­leged mis­con­ducts in law­suit and open let­ter

The drawn out fight be­tween Arc­turus Ther­a­peu­tics $ARCT and its ex-CEO Joseph Payne has tak­en a nasty turn: Arc­turus is now seek­ing dam­ages and in­junc­tive re­lief in a law­suit.

Late Tues­day, al­most two months af­ter Payne was kicked out of the com­pa­ny, the RNA biotech is de­tail­ing his “mul­ti­ple” al­leged mis­con­ducts. Those in­clude op­er­at­ing a “lu­cra­tive side busi­ness dur­ing busi­ness hours” and at­tempt­ing to trans­fer Arc­turus’ IP for no ap­par­ent rea­son dur­ing his tenure, in ad­di­tion to or­ches­trat­ing a move to block Arc­turus’ rou­tine au­dit­ing ac­tiv­i­ty. It fol­lowed up Wednes­day with a strong­ly word­ed open let­ter to share­hold­ers on Wednes­day, in hopes that they would take the board’s side when the time comes to vote on the di­rec­tors.

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