SHERMAN -- An international security technology business is suing a Massachusetts man over a contested stock option buyout.
Uniloc Luxembourg filed a lawsuit Oct. 13 in the Sherman Division of the Eastern District of Texas against Michael W. Broderick of Massachusetts.
According to the complaint, Uniloc researches, develops, manufactures and licenses information security technology, and while employed by the plaintiff, Broderick received stock options. After a corporate reorganization, the defendant had 60,000 shares but, instead, exercised an option for just one share, the suit alleges.
The lawsuit says Broderick wanted to redeem his share but Uniloc explained a stock option is an option to purchase shares and not shares per se. Subsequent to the explanation, the plaintiff alleges the defendant has threatened the company with lawsuits in an effort to to redeem his share.
Uniloc Luxembourg asks the court to find the defendant has no right to redeem any stock of the plaintiff, plus attorney fees and court costs. It is represented by attorneys Ken Carroll and Sara Romine of Carrington, Coleman, Sloman & Blumenthal LLP in Dallas, and John. L. Krenn of Gray Plant Mooty Mooty & Bennett PA in Minneapolis.
Sherman Division of the Eastern District of Texas Case number 4:15-cv-00706-RC.