Software Co. Beats Back Founder's Bid To Reclaim CEO Post

Law360, New York (October 16, 2013, 6:05 PM EDT) -- The Delaware Chancery Court rebuffed Allegro Development Corp.'s founder's bid Friday to reclaim his previous position as the energy trading risk management software company's CEO, ruling that he waited too long to challenge his ouster and that his return would "throw Allegro into chaos.”  

Vice Chancellor J. Travis Laster handed down a 56-page memorandum opinion that said the claims asserted by Eldon Klaassen — who founded Dallas-based Allegro in 1984 — were barred because of his delay in bringing his suit, and because he had taken...
To view the full article, register now.