Tech Co. Shareholders Sue Sakhr Software Over $14M Deal

Law360, New York (September 26, 2011, 8:23 PM EDT) -- Former investors in mobile application company Excuse Me Services Inc. claimed in a suit launched Friday in Delaware federal court that they were stiffed after handing over their shares in a $14 million merger with Kuwait's Sakhr Software Co. in 2009.

The shareholders claim that according to the terms of the transaction, they delivered to Sakhr their shares in EMS, which were then canceled in exchange for their right to receive existing Sakhr shares valued at $14 million. Sakhr then failed to deliver because it supposedly...
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