Navigation Links
Jury Award to Englewood Company to Total More Than $1 Million for Breach of Fiduciary Duties in Shareholder Class Action Case

ENGLEWOOD, Colo., July 24 /PRNewswire/ -- An Arapahoe County District Court jury awarded an Englewood-based public company what will likely amount to more than $1 million in damages in the class action dispute between the minority shareholders of Inverness-based Verex, Inc., a public company, and a Fort Collins-based private company PR Pharmaceuticals, Inc. The jury found that PR Pharmaceuticals and its President, Steven Howe, and CEO, Dr. Patrick Bols, breached their fiduciary duties to Verex, Inc., and its shareholders.

The verdict for the class of minority shareholders is in favor of approximately 1185 shareholders holding 1,195,470 shares. The court has previously indicated that it may value those shares at $ .50/share for a total value of $597,735. The jury awarded punitive dames against all of the defendants and in favor of Verex, Inc. With this value, the verdict is approximately $1.3 million. Prejudgment interest is substantial with this case having been filed in 2003. Total damages including interest are expected to bring the value of the verdict to over $2 million dollars.

"We are, of course, delighted that after all of these years, our clients have finally gotten this matter resolved," said Plaintiffs' trial lead counsel David P. Hersh of Burg Simpson Eldredge Hersh & Jardine, P.C. Hersh added, "The Defendants never acknowledged their wrongdoing, and so it is particularly gratifying to receive the jury's determination that the Defendants not only breached their fiduciary duties, but did so willfully and wantonly, justifying an award of punitive damages."

The jury found that the former majority shareholders violated their respective fiduciary duties for the benefit of themselves and to the detriment of the present company shareholders.

"It's good to win vindication for the little guys -- this is what we practice law for -- to fight injustice, even against big companies at great odds," said Plaintiffs' trial counsel David K. TeSelle.

SOURCE Burg Simpson Eldredge Hersh & Jardine, P.C.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. American Heart Associations Announces Call for Entries for Howard L. Lewis Achievement Award
2. Peter Ell receives SNMs Georg Charles de Hevesy Nuclear Pioneer Award
3. Rep. Pickering to Receive First-Ever AVMA Advocacy Award
4. Availity Awarded Full EHNAC Accreditation
5. Broadlane's Live Group Buy Awards High-Field Open MRI Contract to Hitachi Medical Systems America Inc.
6. All-Med Services of Florida Awarded Medicare Competitive Bidding Contract
7. Louisiana Department of Health and Hospitals Announces Intent to Award Cost Containment Services Contract to HMS
8. Nyer Medical Group, Inc. Announces Sale of Companys Florida Medical-Surgical Division; Pharmacy Division Awarded Two-Year Preferred Supplier Contract
9. TruFUSE(R) Patents Awarded
10. Paul Rodriguez, Voces Del Rancho and More to Be Honored at the 8th Annual Angels of Hope Awards, July 12
11. The Foundation for Accelerated Vascular Research Grants $150,000 Wylie Scholar Award for Blood Vessel Research
Post Your Comments:
(Date:6/26/2016)... ... 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, a holistic ... World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is located. ... some of the world’s leading providers of cereal and other breakfast foods. Its residents ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... ... health policy issues and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, ... work on several important health care topics including advance care planning, healthcare costs ...
(Date:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern ... Laude and his M.D from the David Geffen School of Medicine at UCLA. He ... Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program ...
(Date:6/24/2016)... Michigan (PRWEB) , ... June 24, 2016 , ... Those ... deal with these feelings, many turn to unhealthy avenues, such as drug or alcohol ... of Marne, Michigan, has released tools for healthy coping following a traumatic event. , ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... for accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas of ... AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
(Date:6/23/2016)... 23, 2016 Bracket , a leading clinical ... generation clinical outcomes platform, Bracket eCOA (SM) 6.0, at ... 26 – 30, 2016 in Philadelphia , ... Outcome Assessment product of its kind to fully integrate with ... Bracket eCOA 6.0 is a flexible platform for electronic clinical ...
(Date:6/23/2016)... BOGOTA, Colombia , June 23, 2016  Astellas today announced the establishment of Astellas Farma Colombia ... the company,s second affiliate in Latin America . ... ... Farma Colombia ... ...
Breaking Medicine Technology: