"stockholders who now will be holding illiquid securities may sue the board of directors for breach of fiduciary duty
A more obvious and egregious breach of fiduciary duty was Mr. Lanzafame's extraordinary move to sell the Myotech CSS technology at a knock down price to his own shell company set up by him with his pal Frank Terrizzi.
I can only think Mr. Lanzafame didn't realise that a DNS search of MyoCardioCare (thank you b9molecule) would reveal that he was the founder.
It was also interesting that the contract appended to the SEC filing had Lanzafame's signature as BIPH's CEO, but Terrizzi's signature as MyoCardioCare's President.
They must think Biophan shareholders are an extraordinarily naive and gullible group (!).
That said this is certainly an actionable breach of both fiduciary duty but also of securities legislation. Not the first by this bunch, and probably not the last, but perhaps the one which will break the camel's back?
For the sake of justice and good order in the financial markets, let's hope so.