Ousted Allegro CEO Sues To Get Post Back After 'Ambush'

Law360, Wilmington (June 6, 2013, 8:05 PM EDT) -- The founder and former CEO of Dallas-based energy trading software developer Allegro Development Corp. sued the firm Wednesday in Delaware Chancery Court, claiming he was "ambushed" and improperly ousted so that two private equity investors could buy back their investment at a huge premium.

Eldon Klaassen alleges that private equity investors — North Bridge Growth Equity 1 LP and Tudor Ventures III LP — hatched a “secret plan” to seize control of the board in November and install a new chief executive, independent board member Raymond...
To view the full article, register now.