O.K., now this makes a little more sense,
TSQD filed a proxy yesterday which mentions two lawsuits:
freeedgar.com
"Richard J. Apple, who served as chief executive officer of Tech Squared from
July 1998 until February 1999, has filed a complaint in Minnesota state court,
Hennepin County, against Tech Squared and certain of its present and former
officers and directors, including Mr. Ronning, Mr. Reese, Mr. Runbeck and Mr.
Steiner. The complaint alleges that (1) Tech Squared unlawfully terminated Mr.
Apple's employment, (2) Mr. Apple's unvested stock options to purchase 775,000
shares became exercisable prior to his termination due to an alleged "change of
control" of Tech Squared and (3) Tech Squared's directors breached their
fiduciary duty in several instances. The complaint seeks unspecified damages in
excess of $50,000 and an award of registered shares of Tech Squared common
stock. Tech Squared believes the complaint is without merit and intends to
defend this lawsuit vigorously. Discovery is continuing.
On August 17, 1999, a shareholder of Tech Squared filed a complaint in
Minnesota state court, Hennepin County, on behalf of Tech Squared against some
of Tech Squared's current and former directors and former officers. The lawsuit,
which was brought as a derivative action and which seeks certification as a
class action, alleges that the individual defendants breached their fiduciary
duties owed to Tech Squared and its shareholders by approving the Digital River
transaction (1) for inadequate consideration and (2) on terms favorable to the
individual defendants at the expense of minority shareholders. Tech Squared
believes that the allegations set forth in the complaint are without merit and
intends to contest the lawsuit to the fullest extent possible."
So, former (brief) TSQD CEO Rick Apple is suing for his options. IMO this is not that big a deal.
But, the second suit by Fingerhood comes from Dirks & Co., and based on a brief SI search Dirks seems to be run by Ray Dirks:
Message 9294340
who apparently had/has ties to JAWS, Security Trading Capital, Short Busters, and countless other shady IPO and stock deals. I don't like the looks of this at all, does anyone have any knowledge of Dirks & Co. or Stanford? I don't know what connection he has/had to shortbusters, but I sure hope this isn't what we have to look forward to:
shortbusters.com |
