The class of investors that had its lawsuit against Apple REIT and its main broker dismissed this month have appealed the case. The company said it “continues to believe that any claims against it, its officers and directors and other Apple entities are without merit, and intends to continue to defend against them vigorously.”
Ronald Blaylock, a director, acquired 700 shares at $42.40 per share.
CFO Thomas Reedy Jr. exercised options for 60,800 shares for a total of $1.16 million. He then sold 52,000 shares at market price for approximately $2.1 million.
The company has confirmed a plan to emerge from bankruptcy by being acquired and reorganized into a new entity known as HedgePath Pharmaceuitcals Inc. Commonwealth Biotech shareholders will own 10 percent of the new entity. Its current CEO Richard Freer will resign as an officer and director. CBI has been in Chapter 11 bankruptcy protection since January 2011. The plan was confirmed on March 29.
The company said it is postponing the closing of its acquisition of Bermuda reinsurance firm Alterra Capital Holdings until May 1. It had been set to close this week.