Venture Capital Liability - Litigation Examples（三）.docVIP

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Venture Capital Liability - Litigation Examples（三）.doc

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Venture Capital Liability - Litigation Examples（三）

ExecutivePerils 11845 West Olympic Boulevard ? Suite 795 ? Los Angeles ? CA ? 90064 T:310×444×9333 ? F:310×444×9355 ? Web: ? CA Lic. #0E36308 dba: Executive Perils Insurance Services Venture Capital Management Liability Litigation Examples Fraud and Securities Claims Atlantec Inc. Litigation. The founders of Alantec sued three venture capitalists and the partnerships with which they were associated. The founders had been forced out of the company when it was foundering. After regrouping under new management, the company went public and ultimately was sold for $770 million in 1996. The founders alleged that the venture capitalists seized control of the company and diluted the value of the founder’s holdings by issuing new stock at below market prices. The founders charged that they lost the rights to stock ultimately worth $40 million. After 18 days of testimony before a jury, the case settled for $15 million prior to closing arguments. In re Alert Holdings, Inc. Litigation. A venture capital corporation loaned and invested substantial monies to Alert Holdings, a parent company that conducted its business through a number of subsidiaries. The venture capital company obtained one seat on the board of directors and various rights through its securities holdings and loan agreements. After the company filed for bankruptcy, lawsuits were filed against the venture capital company and its directors and officers by public investors, the bankruptcy trustee and other company insiders. The lawsuits alleged that the venture capital defendants dominated and controlled the company, caused it to enter into various speculative investments in order to make it more dependent upon the venture capital company, forced the company to enter into unreasonable loan transactions with the venture capital company, undertook a scheme to acquire control of the company, failed to identify and respond to continuing financial deterioration of the company, and misrepresented to investors the true c