SAN FRANCISCO — A shareholder of Identiv, Inc. is suing seven individuals serving as employees within the company for allegedly failing to disclose compensation information required by the U.S. Securities and Exchange Commission.
Ryan Oswald, a shareholder of Identiv, filed a lawsuit in the Northern District of California District Court on Jan. 14 against Steven Humphreys, Jason Hart, James E. Ousley, Gary Kremen, Saad Alazem, Daniel S. Wenzel and Brian Nelson for breach of fiduciary duty and abuse of control.
According to the lawsuit, Identiv develops and manufactures physical access control, identity management and radio frequency identification systems. In May 2015, Identiv allegedly revealed it would be unable to timely file with the U.S. Securities and Exchange Commission certain executive compensation information required. The lawsuit states that six months later BDO USA, LLO, Identiv’s independent auditor, resigned immediately. The defendants were required to act in the best interest for the shareholders and the company, but instead allegedly acted in personal interest and benefit, according to the suit.
Oswald is seeking to prove the individuals breached and/or aided and abetted the breach of their fiduciary duties, to have the court determine and award to Identiv exemplary damages, and award Identiv restitution from the defendants. Schubert, Jonckheer and Kolbe LLP will present Oswald.
Northern District of California District Court 316-cv-00241-JCS