Atty Must Justify $540K Fees In VitalSpring Investor Suit

By Jeff Montgomery (May 23, 2016, 11:01 PM EDT) -- A Delaware judge sought answers Monday for an unprecedented $540,000 interim attorney fee award in a still-pending case that saw shareholder Marvin Smollar win tentative corporate governance reforms for Shreedhar V. Potarazu's VitalSpring Technologies Inc., a health care data company that had never held an annual meeting.

Vice Chancellor Joseph R. Slights III said that attorney Gustavo F. Bruckner sought the fee while planning an exit from the case against VitalSpring, despite an unsettled dismissal motion by VitalSpring and an intervention motion by other stockholders who want bigger changes.

Both Smollar and intervening shareholders accused Potarazu of fiduciary breaches and failure...

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