SAN FRANCISCO – A Sonoma corporation is facing a suit from a stockholder over allegations he was not properly informed of its sale.
Mark Porter filed a complaint on June 15 in the U.S. District Court for the Northern District of California against Convergent Mobile Inc., Michael Matthew Breen, also known as Mickey Breen, Krishna Pillai, SmartXLabs Fund I LP and SmartXLabs ESG Fund I LP alleging breach of fiduciary duty, breach of contract, fraudulent concealment and other counts.
According to the complaint, the plaintiff owns 7.5 percent of Covergent's outstanding stock. The plaintiff holds the defendants responsible because the defendants allegedly did not disclose any of their shareholder meetings or actions concerning the company to plaintiff until its stocks were intended to be sold to SmartXLabs. The suit states that he would receive less than one percent of the proceeds despite of the percentage of his ownership and that records of the sale were not provided despite his requests.
The plaintiff requests a trial by jury and seeks order determining that plaintiff owns 7.5 percent of Convergent's stock, damages plus interest, all legal fees and any other relief as the court deems just. He is represented by Nieve Anjomi of Gesmer Updegrove LLP in Boston.
U.S. District Court for the Northern District of California Case number 3:16-cv-03312-EDL