Software Co. Must Face Securities Suit Over AI Co. Sale
Law360 (September 10, 2019, 8:04 PM EDT) -- A Chicago futures trading software company and the former executives of an artificial intelligence company it acquired must face a shareholder suit claiming executive mismanagement drove down its sale price, an Illinois federal judge ruled on Monday.
In October 2017, Trading Technologies International Inc. bought the now-defunct Neurensic for $400,000.
Overwell Harvest Ltd. — a Neurensic shareholder and competing bidder — claims that, despite the technology being worth millions, the company was sold for far less because executives drove down its value. Overwell is suing the AI company's former CEO David Widerhorn and former chief operating officer Paul Giedraitis for breach...
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