Headline: Hydron (NASDAQ:HTEC) sued by former CEO Harvey Tauman
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BOCA RATON, Fla., Oct 1 (Reuters) - Hydron Technologies
Inc, a maker of personal care products, said Wednesday that
former chief executive Harvey Tauman is suing the company,
alleging wrongful dismissal and seeking $4 million in damages.
Hydron fired Tauman on September 19 and named investor and
director Richard Banakus as interim president.
The firm currently is interviewing head hunters and will
start the search for a new chief executive shortly, Banakus
told Reuters. He declined to elaborate on why the company fired
Tauman.
Tauman is suing the company in state court in Palm Beach
County, Florida, alleging the company fired him without cause.
He is seeking $4 million in damages plus interest and a
declaration that he may continue to exercise his stock options
to buy 300,000 shares.
"Under our option agreement, (Tauman's) options would
terminate after 90 days," Banakus said. "(Tauman) wants to
lengthen the duration of the period." Banakus could not say at
what strike price Tauman can exercise his options.
Banakus declined to say whether the company would seek an
out-of-court settlement, only saying that "the case is now in
the hands of our legal counsel." The company said it would
review the suit and intended to defend itself.
Hydron shares were up 1/32 to 1-1/32.
Copyright 1997, Reuters News Service |
