CannapharmaRx, aka Golden Dragon Holding Company (symbol GDHC) and its CFO sued by Co-Founder, major Shareholder, and Member ...
Date : 11/04/2014 @ 2:46PM
Source : PR Newswire (US)
Stock : Golden Dragon Holding Co. (QB) (GDHC)
Quote : 3.53 0.0 (0.00%) @ 8:05AM
CannapharmaRx, aka Golden Dragon Holding Company (symbol GDHC) and its CFO sued by Co-Founder, major Shareholder, and Member ...
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Today : Wednesday 5 November 2014
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TAMPA, Fla., Nov. 4, 2014 /PRNewswire/ -- Gary Cohen, BSPharm, RPh, the founder and visionary of the CannapharmaRx, Inc. and the National Association of Cannabis Pharmacy (NACPRx.net), filed a lawsuit against the corporation, and its CFO, Mr. Gary Herick.
The suit alleges that Gary Herick, and the company's board of directors breached their fiduciary responsibility to the company, its employees and shareholders. Additional counts alleged in the suit include equitable accounting, breach of duty of good faith, duty of loyalty & duty of care, abuse of control, conversion, misappropriation of business opportunities, and defalcation.
Cohen filed an additional derivative suit on behalf of the CannapharmaRx Corporation. The lawsuit alleges that the Board's failure to remove Herick, after he would not provide shareholders with any accounting or financial documents is a breach of their fiduciary duties. Cohen alleges that the Board ignored requests for Herick's resignation, as well as other requests for accountability that were in the best interests of its shareholders. The suit further alleges that the wrongful conduct was not due to an honest error in judgment, but rather to Defendant's gross mismanagement, bad faith and/or reckless disregard of the rights and interests of the corporation, its shareholders, and for acting without the reasonable and ordinary care which they owed the corporation.
Cohen has also sued for breach of written contract, breach of oral contract, and wrongful termination & retaliatory personnel action in violation of Florida's Whistleblower Act at section 448.102(3), Florida Statutes.
For a full copy of the suit, see Hillsborough Court # 14-CA-010970
