Ex-Biosara CEO Sues For Return Of 6M Shares

Law360, New York (August 2, 2012, 2:51 PM EDT) -- The former president and CEO of Biosara Corp. last week sued the medical company in Texas for breach of contract after the company notified him it wouldn’t acknowledge 6.3 million shares and voting rights he was promised in a severance package.

Ted Pappas resigned from Biosara in 2011 and signed a severance agreement that would leave him with shares in the company about the same as his original stake, he said. Later, Pappas received a letter informing him a forensic audit of the company found he...
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