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Stock Market & Financial Investment News

News Breaks
May 26, 2013
19:02 EDTPIP, SIGACourt affirms ruling that SIGA breached contractual obligation with PharmAthene
PharmAthene (PIP) announced that the Delaware Supreme Court upheld the earlier ruling that SIGA (SIGA) breached its contractual obligation to negotiate in good faith. The Court has remanded the case to the Delaware Court of Chancery for further reconsideration of the damages award, consistent with its opinion. "We are pleased by this positive decision from the Delaware Supreme Court, which conclusively affirms SIGA's liability for their failure to negotiate the terms of a license agreement with us in good faith," said Eric I. Richman, President and CEO. "Further, the Court established new Delaware law making expectation damages available in these circumstances. This is a significant legal victory for our Company and an important decision with respect to Delaware law. We look forward to final resolution of the case in front of the Delaware Court of Chancery." In addition, the Supreme Court also upheld the Delaware Court of Chancery decision entitling PharmAthene to receive reimbursement for a portion of its legal fees and expert witness costs and remanded to the Court of Chancery for further reconsideration of the amount of those fees and costs consistent with its opinion.
News For PIP;SIGA From The Last 14 Days
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August 11, 2014
09:06 EDTPIP, SIGAOn The Fly: Pre-market Movers
HIGHER: PharmAthene (PIP), up 55% after announcing that a Delaware court awarded the company lump sum expectation damages for the value of its lost profits for SIGA Technologies' (SIGA) smallpox antiviral, Tecovirimat... MannKind (MNKD), up 19% after entering exclusive licensing agreement for development and commercialization of Afrezza inhaled insulin with Sanofi (SNY)... Kinder Morgan (KMI), up 19% after announcing it will acquire all of the outstanding equity securities of Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB)... Tesla (TSLA), up 2.7% following upgrade at Deutsche Bank... Achillion (ACHN), up 6% following upgrades at Wells Fargo and at Piper Jaffray... PepsiCo (PEP), up 0.9% following upgrade at UBS. LOWER: Dean Foods (DF), down 8.6% after reporting Q2 losses that were steeper than expected, saying balance of year "appears rocky," which makes it difficult to provide guidance beyond the immediate quarter... Priceline (PCLN), down 0.7% after reporting Q2 revenue that missed expectations, guiding Q3 EPS below consensus... SIGA Technologies, down 31% after ruling in suit with PharmAthene... 2U (TWOU), down 4.3% after downgraded at Goldman.
08:56 EDTPIPPharmAthene price target raised to $6 from $4 at Aegis
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August 10, 2014
14:23 EDTPIP, SIGAPharmAthene awarded lump sum expectation damages from SIGA Technologies
PharmAthene (PIP) announced that on August 8, the Delaware Court of Chancery issued a Memorandum Opinion and awarded to PharmAthene lump sum expectation damages for the value of PharmAthene's lost profits for SIGA Technologies (SIGA) smallpox antiviral, Tecovirimat. In addition, the Court ordered SIGA to pay prejudgment interest and varying percentages of PharmAthene's reasonable attorneys' and expert witness fees."We are extremely pleased by the Chancery Court's ruling to award PharmAthene lump sum expectancy damages that it suffered due to SIGA's breach of contract," said Eric I. Richman, President and CEO. "We look forward to working with our damages expert to calculate the lump sum damage amounts in accordance with the Court's decision and its instructions in the accompanying order."

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