Tech Biz VirnetX's Brass Accused Of Bilking Millions

Law360 (June 9, 2020, 7:52 PM EDT) -- VirnetX Holding Corp. has been hit with an investor's derivative lawsuit in Delaware Chancery Court claiming its CEO and directors have "bilked millions of dollars out of the company" through years of excessive pay and self-interested actions.

In a suit made public Friday, stockholder Neal Hurwitz accused VirnetX's CEO, President and Chairman Kendall Larsen and other directors of corporate waste, unjust enrichment and breaching their fiduciary duty to the company. Hurwitz said his suit aims to hold VirnetX's officers "accountable for years of self-dealing and knowing misstatements."

He accuses the officers of "misrepresenting the company's business model and prospects in its...

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