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LAW360: Ex-Matterport CEO, Bill Brown, Sues Over Stock Trading Restrictions15238

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Matterport Former CEO William "Bill" Brown | Image courtesy of Matterport


LAW360 (13 July 2021) Ex-Matterport CEO, Bill Brown, Sues Over Stock Trading Restrictions

LAW360: Ex-Matterport CEO, Bill Brown, Sues Over Stock Trading Restrictions

Law360 (July 13, 2021, 7:27 PM EDT) -- The former CEO of Matterport Inc. launched a lawsuit against the 3D model maker in Delaware Chancery Court on Tuesday [13 July 2021] claiming that it is trying to unilaterally apply a number of "onerous" restrictions on his shares of the company that don't track with the treatment other shareholders are getting.

Bill Brown said Matterport, whose shares will soon be traded publicly, has retroactively imposed the restrictions on his 1.3 million shares, including, among other things, prohibitions against freely trading his stock for the 180-day period following the company's reorganization.

Further, Brown said, the company is trying to stop him from making trades that have nothing to do with his own Matterport shares, by prohibiting him from trading derivative instruments like call and put options on Matterport shares.

Read more at: LAW360
--
William J. Brown v. Matterport Inc. in the Court of Chancery of the State of Delaware.
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Bloomberg Law (14 July 2021) Matterport, Headed for De-SPAC, Sued by Ex-CEO Over Stock Lockup
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If Mr. Brown's assertion that Matterport has retroactively imposed restrictions on his 1.3 million shares, he will likely prevail in court.
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The rats are often the first to flee a sinking ship.....
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