Failed Tech Co. Execs Get Claims Trimmed In Investor's Suit
By Hannah Albarazi (July 19, 2019, 9:52 PM EDT) -- The Delaware Chancery Court has partly dismissed a suit brought against former executives at now-defunct Basho Technologies Inc. by an investor, who accused them of violating their fiduciary duties by inducing him to invest millions in what they knew was a failing enterprise.
Vice Chancellor J. Travis Laster on Thursday granted in part the executives' motions to dismiss claims brought by Kenneth E. Clark for failing to state a claim on which relief can be granted. Clark sued Adam Wray, formerly CEO at Basho, and Corey Davenport, who worked for the investment firm that eventually took control of the company, after the five other defendants...
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