VirnetX Investor Says CEO Using Co. As 'Personal Piggy-Bank'

Law360 (December 4, 2019, 9:49 PM EST) -- A VirnetX Holding Corp. investor sued in Delaware Chancery Court on Tuesday, saying he's concerned the software firm's CEO runs it "as a personal piggy-bank" and seeking a look at records that could shine a light on wrongdoing and mismanagement.

Neal Hurwitz says he believes VirnetX isn't giving investors like him a clear picture of what's actually going on with the company's financial health, saying there's a divergence between what the company claims as its business model and what it actually does.

He also says there are indications that CEO Kendall Larsen "runs the company as a personal piggy-bank for the...

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