Law360 (March 25, 2020, 5:38 PM EDT) -- Independent investors in medical equipment supply manager Dura Medic Inc. launched a derivative suit in Delaware Chancery Court on Tuesday, accusing an affiliate of Comvest Partners of putting the business into a nosedive in order to recoup most of the private equity firm's $30 million merger cost in 2018.
In the complaint, lead plaintiff and Dura Medic founder Mark Newton accuses Comvest Investment Partners Holdings LLC and four individuals of failing to submit Medicare billings and undermining the company's revenues and operations in order to weaken its financial performance following the May 2018 merger.
After acquiring control, the suit said, managers...
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