Promega files counterclaim to lawsuit filed by shareholders
Editors Note APNewsNow. Clarifies short headline. Will be updated.
FITCHBURG, Wis. (AP) _ Promega Corp. and its founder are firing back at shareholders who sued the Wisconsin biotechnology company in 2016 for shareholder oppression.
The lawsuit filed by shareholders Nathan Brand and Ted Kellner alleges that company founder Bill Linton bullied shareholders in order to keep majority control of the company.
The Wisconsin State Journal reports the counterclaim alleges Brand and Kellner hatched a plot to take over the company and force Promega's board to pay an exorbitant price for their shares.
The shareholders' attorney says they have no comment on the case. They have until Nov. 2 to respond to the counterclaims.
Promega sells 3,500 products used in research, drug discovery and DNA identification. It has more than 800 employees in the Madison area.
Information from: Wisconsin State Journal, http://www.madison.com/wsj
By The Associated Press, Copyright 2017