Ex-Basho Exec's Chancery Suit Survives Dismissal Bid

By Vince Sullivan (August 26, 2016, 9:09 PM EDT) -- A Delaware Chancery judge on Friday refused to dismiss derivative and individual claims against Basho Technologies Inc. related to a 2014 financing transaction, saying the corporate behavior alleged in a former executive's complaint was so abusive that normally effective defenses don't hold up under scrutiny.

During a hearing in Wilmington, Vice Chancellor J. Travis Laster said that the lengthy complaint filed by former board chairman and co-founder of Basho, Earl Galleher III, provided sufficient detail to render Basho's defenses moot. Galleher accused one of the company's largest corporate stakeholders of forcing the company to accept a financing package that was oppressive...

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