Secret meetings, mergers and a board putsch: Arcturus founder/CEO claims 4 board members conspired on his ouster
News of Joseph Payne’s abrupt departure from San Diego-based Arcturus $ARCT left little doubt that he had been kicked out of the microcap RNA biotech. But now he’s fighting back.
Payne, who helped found the company, had his attorneys draft a letter to Arcturus claiming that he had been improperly pushed out by a cabal of 4 company directors, who he says engaged in an intrigue that violated the rules established by the Israeli laws that govern its operations. And a reverse merger he used to take the company public is being blamed for the sudden power shift, according to the letter included in a filing today at the FDA.
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