Securities Lawyers Blog
As reported, the law offices of Gana Weinstein LLP successfully represented TapImmune Inc. (TapImmune) in a contentious commercial litigation proceeding before the American Arbitration Association. TapImmune is a publically traded company that develops innovative vaccine technologies for the treatment of cancer and infectious disease including breast cancer.
The complaint TapImmune filed against Michael Gardner alleged that Gardner induced TapImmune to enter a very lucrative agreement where Gardner would receive a significant amount of stock in TapImmune in exchange for raising funds for the company. Thereafter, Gardner denied that he had agreed to raise funds for TapImmune.
The arbitrator found that Gardner made false representations to TapImmune in order to induce the company into the agreement and did not fully provide the services he was hired to perform. Moreover, the arbitrator concluded that Gardner did not intend to perform the stated services at the time he was hired. Further, the arbitrator found that Gardner knew that TapImmune would be hindered in its business efforts through his compensation arrangement.
Gardner counterclaimed that he was damaged by TapImmune through a preliminary injunction that prevented him from selling his TapImmune stock at optimal prices. The award ordered Gardner to pay TapImmune $196,204 plus statutory interest in the amount of 9% per year until the award is paid in full. Gardner’s counterclaims were denied.
Dr. Glynn Wilson, TapImmune Chairman and CEO was quoted in the press release stating that “We are clearly satisfied with the final verdict from the arbitrator…”
The attorneys at Gana Weinstein LLP can help resolve business disputes. We know that a business dispute can everything you have worked so hard to achieve at risk. Our goal in representing clients is to achieve the most profitable and cost effective resolution to the issue. We assess all the potential risks, costs, and benefits of negotiation and litigation and then counsel the most effective course of action. Our firm has experience advising and representing both individuals and businesses in a variety of business related matters including contract disputes, deceptive trade practices, misuse of trade secrets, commercial debt, employment disputes, and shareholder/director litigation.