Texas Justices Told To Nix $23M Shareholder Dilution Row

Law360, Houston (February 28, 2017, 5:54 PM EST) -- The claims brought by two IDev Technologies shareholders alleging various venture-capital shareholders in IDev diluted their shares by $23 million should be dismissed under a forum selection clause, attorneys for the investors told the Texas Supreme Court in oral arguments Tuesday.

The Texas Supreme Court in December agreed to hear the dispute originally brought by IDev shareholders Jeffrey Sheldon and Andras Konya against the group of investors. In September 2015, a lower appellate court reversed the trial court and sided with Sheldon and Konya, holding that a clause in the shareholder agreement between them selecting Delaware as the forum for disputes...

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