Celsion Corp. v. Stearns Management Corp.

MEMORANDUM OPINION AND ORDER

BUCKLO, District Judge.

Celsion Corporation (“Celsion”), brought this action under Section 29(b) of the Securities Exchange Act of 1934 (“the Act”), 15 U.S.C. § 78cc(b), and the Declaratory Judgment Act, 28 U.S.C. § 2201, for rescission of a series of common stock purchase warrants that Celsion issued to the defendants, Stearns Management Corporation (“SMC”), Warren C. Stearns (“Stearns”), Warren R. Stearns, Charles A. Stearns, Anthony Riker, Ltd., John T. Horton, and the George T. Horton Trust. Celsion claims that Stearns and SMC solicited potential investors to…