NewSpring Says Founders' Fiscal Wrongdoing Led To Removal

Law360, Philadelphia (October 31, 2012, 5:29 PM EDT) -- NewSpring Capital, accused in July of engaging in a smear campaign to force out the head of a Pennsylvania startup it had invested millions to incubate, has said in court filings that it only tried to remove the company’s chief after uncovering serious financial mismanagement.

In preliminary objections filed Oct. 25 in the Philadelphia County Court of Common Pleas, NewSpring said it removed ProfitPoint Inc. founders A. James Battista and Vaden Landers after allegedly discovering that the two were taking money from the company for their...
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