Written by Morgan Watkins of the Courier-Journal
Braidy Industries’ founder Craig Bouchard filed a lawsuit against the company he formed and several of its stockholders — including a limited liability company owned by Kentucky’s state government.
Bouchard took legal action less than a month after Braidy’s board of directors removed him from his posts as the company’s CEO and board chairman.
The defendants he has named in the case are:
- The company itself, Braidy Industries Inc.;
- Braidy board members and stockholders Michael Porter, John Preston, Charles Price, and Christopher Schuh;
- Commonwealth Seed Capital LLC, the organization through which the state government invested $15 million of public money in Braidy in 2017;
- Hannah Management LLC, which Bouchard’s lawsuit says is a Braidy stockholder and is, “on information and belief,” controlled by Price.
Bouchard’s lawsuit, a copy of which was obtained by The Courier Journal, claims the defendants breached a company voting agreement by not fulfilling their contractual obligations after Bouchard requested the removal of Porter, Preston, Price and Schuh from Braidy’s board of directors earlier this month.
Bouchard filed the lawsuit Friday in Delaware.
The lawsuit says Bouchard “has the unilateral, unqualified contractual power to cause the removal of Braidy’s Board members” under the company voting agreement, which dates back to February 2018.
The stockholders Bouchard is suing — Porter, Preston, Price, Schuh, Commonwealth Seed Capital LLC, and Hannah Management LLC — are required to vote to remove board members at Bouchard’s behest, according to the lawsuit. But when he asked them to do so this month, they refused.
(Cross-posted via the Kentucky Press News Service. Read the rest of the article at the Courier-Journal.)
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