Chinese Co. Exec Violated Stock Sale Pact, Suit Says

Law360, Los Angeles (October 9, 2013, 6:19 PM EDT) -- Consulting firm Warner Technology & Investment Corp. launched a suit Monday in New Jersey federal court accusing the CEO of Sichuan Apollo Solar Energy Technology Co. Ltd. of breaching a contract by selling his shares in a subsidiary after Warner Technology helped with its initial public offering.

The suit claims Renyi Hou sold millions of his shares in Apollo Solar Energy Inc. to third parties in recent years, secretly scooping up $4.8 million, after Warner Technology helped Sichuan Apollo with its IPO in 2007.

Hou allegedly...
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