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Technology Stocks : Fastcomm FSCX (6 1/8), base now complete. Big Upside.
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To: Ranchokid who wrote (468)1/5/1998 5:49:00 PM
From: Craig Kaltner  Read Replies (1) of 802
 
Here's the info on the lawsuit from their 10-Q

The Company is a party to two lawsuits that initially included four claims filed by a former officer and director, Gary H. Davison. Davison commenced these actions on March 13, 1997, in the Circuit Court of Fairfax County, Virginia. On May 19, 1997, one claim was non-suited and a second claim was dismissed with prejudice. The remaining two claims, wrongful termination and breach of contract are subject to continuing litigation.

The Company's position is that Mr. Davison's allegations with respect to wrongful termination are without legal or factual basis. As to Mr. Davison's claim for breach of contract, it is based in part upon an alleged agreement between himself and the Company concerning the immediate vesting to him of options to purchase 100,000 shares of FastComm common stock on the date he began employment with FastComm. The Company has provided Davison's counsel with
documents signed by Davison and filed with the U.S. Securities and Exchange Commission on which Davison did not report the existence of any such agreement, as he would have been obligated to do under federal securities law. These documents, therefore, appear to be entirely inconsistent with the allegations in Davison's complaint. The Company believes that it has meritorious defenses to these lawsuits and intends to defend these actions vigorously.

Rick and Ranchokid thanks for the info.
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