19 causes of action cross-complaint with claims of fraudulent concealment, intentional misrepresentation, conversion of assets, breaches of fiduciary duty and duty of loyalty, breach of corporate opportunities, misappropriation of customer lists, etc.
Parties requested a judicial declaration of the rights and liabilities of each party. Claim was that one partner refused to terminate the Buy-Sell Agreement, despite requests from the other partner that the business relationship between them be dissolved. Partner requested a judicial declaration as to his rights, and the obligations of co-partner, as well as a mandatory injunction dissolving the business relationship.
Plaintiff/cross-defendant was the second largest shareholder and a board member of Defendant/Cross-Complainant and he alleged he held his stock to his detriment based on false representations made by the company regarding its financial performance. Defendant is a publicly traded company.
Defendants filed a cross-complaint alleging breach of fiduciary duty. In the cross-complaint, defendants alleged that plaintiff violated company policy by putting a significant amount of his stock in a margin account and, when the stock declined, plaintiff was forced to sell 3.65 million shares (6% of the total outstanding shares ), resulting in even further decline in the stock price.
Complaint for Breach of Fiduciary Duties, etc. (7 causes of action). Plaintiff alleged that he was ousted as an officer and director of Defendant company because he objected to a certain licensing agreement that other shareholders stood to gain from.
19000 Macarthur Boulevard, Irvine, California 92612, United States