Judge Tosses Shareholder Claims Over Nanotech Patents
Law360, New York (January 28, 2014, 5:55 PM EST) -- A California federal judge on Tuesday dismissed shareholder derivative claims against Richard Demaray, part of a suit alleging Demaray purchased patents for himself instead of for his company, Antropy Inc., ruling the Antropy executive who brought the suit did not own shares and had no standing.
U.S. Magistrate Judge Elizabeth D. Laporte rejected plaintiff Christopher White’s argument that even though he was not a shareholder, he should be allowed to bring the suit because he was an equitable owner of Antropy stock. White, who is Antropy’s director, claimed that sole owner Demaray promised to issue more shares and sell them to...
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