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Former Arcturus CEO receives court injunction

The U.S. District Court for the Southern District of California issued a preliminary injunction to Arcturus Therapeutics Ltd.'s former CEO Joseph Payne for withholding important information from shareholders.

Arcturus Therapeutics had filed a complaint for injunctive relief against Payne, Peter Farrell, Andrew Sassine, Bradley Sorenson, and James Barlow, ahead of the extraordinary shareholders' general meeting, where they will vote on the board composition, the company said in an SEC filing. The company alleged that Payne is leading a proxy war to take control of the board.

In March, Payne was sued by the company for breaches of contract and fiduciary duties. The company said in a letter to its shareholders that Payne's "misconduct, poor judgment and failed leadership led to his termination as CEO in January."

Payne, who currently owns about 13.7% of the San Diego-based biotechnology company, was Arcturus' CEO when the company merged with Alcobra Ltd. in November 2017, and was named president and CEO of the new combined company.

Arcturus Therapeutics develops and markets lipid nanoparticle siRNA drug delivery systems for the orphan disease market.