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Owlcam Investors Say Amazon Aided Executives' Self-Dealing
Offit Kurman Attorney Case Featured in Law360.
Law360 (April 8, 2020, 10:20 PM EDT) --
Executives at Owlcam shortchanged investors with help from Amazon in a scheme to sell the dashboard camera maker's intellectual property to the tech titan in exchange for a $1 million kickback and promises of future employment, according to a lawsuit in Delaware court.
Broadscale OC Investors LP filed a derivative suit Tuesday that roped in Amazon Inc. alongside Owl Cameras Inc. CEO Gary Clayton, chief technology officer Nathan Ackerman and other members of the company's board of directors.
Broadscale says Clayton, Ackerman and the other directors of the Palo Alto, California-based camera maker had disregarded shareholder interests when they gave short shrift to a proposal that could have helped their struggling business, instead favoring a transaction involving Amazon that was more beneficial to them personally.
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