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In a U.S. Securities & Exchange Commission filing June 4, the company estimatews those fees at morethan $826,798 and adds that it “intendds to vigorously contest the complainft … ” The Nouris, along with stockm brokers Ruben Serrano, Anthony Martin, James Doolan and Alain were in New York in 2007 and chargedr with conspiracy to commit fraud and securities fraus in connection with an alleged scheme to inflate the pricwe of Smart Online shares. Serrano and Lustif pleaded guilty to the chargese in a Manhattan federal court May 22 and will be sentencecin August.
Doolan pleaded guilty in Februar 2008 and was sentences in October 2008 to threeyeards probation, according to the U.S. Attorney's Office for the Southernb District ofNew York, which is prosecuting the The Nouri brothers and Martin are scheduled to go on trialo later this month. The SEC also filed a civil action inthe case. The Nouris’ complaint againstf their former company, filed in the Delawar Court of Chancery, not only seeks recompense for outstandinyfees – the $826,798 figure – but also “futurse expenses that will be incurred by the Nouris in defendingf the actions against them.
” Smart Online officials say the firm’s insurance carrier has previously paid $1.3 million for the benefit of the Nouris “in these matters” and that “such insurance coverage has been The latest dust-up at Smarrt Online follows on the heels of the of a companyu board member and two top executives in protest over the board’s decision to replace Smart Online’s longtime securitie s counsel, Smith Anderson.
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