A Virgin Galactic Holdings Inc. shareholder has claimed in the Court of Chancery that founder Richard Branson and the company’s board breached their fiduciary duties by failing to prioritize and keep investors informed about safety issues on space flights.
Robbins Geller Rudman & Dowd and Robbins LLP are representing the plaintiff, Kimberley Espinosa, and filed a public version of her derivative complaint on Tuesday, alleging that Branson made over $1.1 billion by selling Virgin Galactic shares at a price artificially inflated by safety issues not being publicly known.