Kobre & Kim Obtains Favorable Settlement for Hedge Funds in Dispute Arising Out of Breach of Securities Purchase Agreement
May 17, 2011
Publication: DealFlow Media
Kobre & Kim represented 13 plaintiff hedge funds in litigation against CEL-SCI Corporation, which recently resulted in a favorable multimillion-dollar settlement. The matter, which had been pending in the U.S. District Court for the Southern District of New York, arose out of CEL-SCI's alleged breach of a 2006 securities purchase agreement, through which the plaintiffs invested millions in CEL-SCI. The plaintiffs claimed that a subsequent agreement between CEL-SCI and a third party impermissibly diluted their investment and, as a result, that the plaintiffs were entitled to a repricing of their CEL-SCI securities.