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Can-Fite BioPharma Appeals Lawsuit Against Venture Capital Firm

Tanzeel Akhtar

Can-Fite BioPharma (NYSE: CANF) 6-K shows the company filed an appeal with the Supreme Court of Israel of a decision related to the convening of a special shareholder meeting to replace directors.

On June 13, Can-Fite BioPharma filed a lawsuit against Capital Point Ltd; its co-CEOs, Shay Itzhak Lior and Yossi Tamar; its chairman, Dr. Shuki Gleitman; and its major shareholders, Shir Roichman and Yehuda Kahane, in the District Court of Tel Aviv.

The lawsuit alleges that Capital Point engaged in improper conduct by unlawfully requesting that the company convene a shareholder meeting to replace its directors. Can-Fite BioPharma is suing for damages of NIS 40 million (approximately $11.1 million). 

A related action Can-Fite BioPharma initiated against Capital Point in the District Court of Tel Aviv is still pending.

Can-Fite BioPharma shares were trading flat at $2.91 at the time of publication Wednesday. The stock has a 52-week high of $25.95 and a 52-week low of $2.66.

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The Supreme Court of Israel. Photo by israeltourism/Wikimedia. 

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