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HFTP INVESTMENTS v. ARIAD PHARMACEUTICALS

Civil Action No. 17501.

752 A.2d 115 (1999)

HFTP INVESTMENTS, L.L.C., a New York limited liability company, Plaintiff, v. ARIAD PHARMACEUTICALS, INC., a Delaware corporation, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: December 7, 1999.

Revised: December 9, 1999.

Attorney(s) appearing for the Case

David A. Jenkins of Smith Katzenstein & Furlow, Wilmington; and Allan M. Pepper and Michael Braff, of Kaye, Scholer, Fierman, Hays & Handler, LLP, New York City, for Plaintiff.

Kevin G. Abrams and Thomas A. Beck of Richards, Layton & Finger, Wilmington; and Irwin H. Warren, Richard W. Slack and Timothy E. Hoeffner of Weil, Gotshal & Manges, New York City, for Defendant.

OPINION

JACOBS, Vice Chancellor.

Pending is a motion to stay this action brought by HFTP Investments, L.L.C., ("HFTP") for injunctive, declaratory, and damage relief, against the defendant, ARIAD Pharmaceuticals, Inc. ("ARIAD"). HFTP claims that ARIAD has wrongfully refused to honor HFTP's right both to convert and to have redeemed shares of ARIAD Series C Convertible Preferred Stock (the "Preferred Stock") that HFTP acquired for $3,000,000 in 1998...

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