Avid Bioservices was incorporated in Delaware in 1996 via Techniclone and Peregrine. Avid conducts its business activities in California. A suit to recover our lost use of Capital due to managements' and auditor's gross (may be deliberate)negligence in 1) failure to timely check boxes on forms and 2) managing corporate finances in a fiduciary manner may be brought in Wilmington, Delaware or San Jose/San Diego, California, IMO. A graph of Avid share price illustrates the facts relating to our lost use of capital date wise, before and after expansion was started/completed. We know the financing facts--originally at low interest rates and subsequently at high interest rates. The party(John Doe) that caused any management "mistake" in 1) and 2) above would be included as a defendant in the complaint, as would the 2 funds that have negotiated/completed the buyout/merger transaction. See California v. Texas, 141 S.Ct. 2104, 2113(2021) and TransUnion, LLC v. Ramirez, 141 S.Ct. 2190, 2203-2204(2021). See also FRCP 23.1 and 18f-4 regarding 4 year timeliness, bond requirements, and shareholders who have rights to bring shareholder derivative suits. A demand letter to Avid management and BOD looks futile, hence unnecessary.
Spouse and I are contemplating a shareholder derivative suit as outlined above. Is anyone here interested? A $50k bond in California(?) is a substantial cost that could be split. I have contacted no institutional shareholders to determine their interest, nor have I been able to talk with attorneys I know to ascertain their interest.
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