Quantum-Si Inc.
05/24/2024 | Press release | Distributed by Public on 05/24/2024 14:20
Material Event - Form 8-K
| Item 8.01 |
Other Events.
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On May 16, 2024, a punitive class action lawsuit was filed in the Delaware Court of Chancery, styled Farzad v. HighCape Capital, et al.(the "Delaware Stockholder Litigation"). The Delaware Stockholder Litigation asserts breach of fiduciary duty claims against the former officers and directors of HighCape Capital Acquisition Corp. ("HighCape"), including Kevin Rakin, Matt Zuga, David Colpman, Robert Taub and Antony Loebel,HighCape Capital Acquisition LLC and HighCape Capital L.P., aiding and abetting breach of fiduciary duty claims against Foresite Capital Management, LLC and Jonathan M. Rothberg, Ph.D., and unjust enrichment claims against all defendants related to the business combination between HighCape and then privately held Quantum-Si Incorporated (the "Business Combination"). The Delaware Stockholder Litigation complaint alleges that the transactions contemplated by the Business Combination were a product of an unfair process which was allegedly impacted by conflicts of interest, resulting in mispricing of the Business Combination. The complaint seeks, among other things, unspecified damages and attorneys' fees and costs. There is no assurance that defendants will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlement or judgment or the litigation costs of the action.