Unserved Summons Lets VC Firm Off Hook In Derivative Suit

Law360, New York (May 29, 2012, 2:17 PM EDT) -- A California appeals court on Friday affirmed the dismissal of Japanese venture capital firm IT-Farm Corp. from a shareholder derivative and breach of employment contract suit over its role in the sale of software company KatanaMe Inc., ruling IT-Farm was never properly served.

Former KatanaMe Chief Operating Officer John Sylla accused IT-Farm, KatanaMe executives P. Jan Long, Victor K.L. Huang and Skipper Wireless Laboratories Inc. of defrauding KatanaMe's shareholders by diverting the company's assets into a Japanese shell corporation. As part of the deal with Skipper,...
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