Chinese Co. Exec Violated Stock Sale Pact, Suit Says

Law360, Los Angeles (October 09, 2013, 6:19 PM ET) -- Consulting firm Warner Technology & Investment Corp. launched a suit Monday in New Jersey federal court accusing the CEO of Sichuan Apollo Solar Energy Technology Co. Ltd. of breaching a contract by selling his shares in a subsidiary after Warner Technology helped with its initial public offering.

The suit claims Renyi Hou sold millions of his shares in Apollo Solar Energy Inc. to third parties in recent years, secretly scooping up $4.8 million, after Warner Technology helped Sichuan Apollo with its IPO in 2007.

Hou allegedly...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required

Case Information

Case Title

WARNER TECHNOLOGY & INVESTMENT CORP. v. SICHUAN APOLLO SOLAR ENERGY TECHNOLOGY CO., LTD. et al

Case Number

3:13-cv-05985

Court

New Jersey

Nature of Suit

Contract: Other

Judge

Michael A. Shipp

Date Filed

October 8, 2013

Sections

Companies Mentioned

Government Agencies Mentioned