Ex-Software Exec Says Investor Tanked Co. To Gain Control
Law360, Wilmington (December 18, 2015, 4:37 PM EST) -- The co-founder and ousted board chair of high-tech database company Basho Technologies Inc. sued the company in a Delaware Chancery Court complaint unsealed Thursday, saying a major investor's "punitive" funding terms and self-dealing caused a disastrous fall in the company's fortunes.
The partially redacted individual and derivative complaint by co-founder and former board chair Earl Galleher says Chester Davenport and his Georgetown Partners, a major Basho stakeholder, destroyed business prospects for the company, created a liquidity crisis and then negotiated in bad faith with a different potential funder, Southeast Venture, so that Georgetown could provide a funding round called Series G...
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