This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Veris Gold Corp. is facing a wrongful dismissal lawsuit in the Supreme Court of British Columbia from its former chief executive officer, Randy Reichert. His "high handed" firing came after he questioned possible inappropriate actions by senior executives and board members, the suit alleges. Mr. Reichert claims he tried to block the company's chairman from buying shares with knowledge of a potential takeover bid.

The allegations are contained in a notice of claim that Mr. Reichert filed at the Vancouver courthouse on Friday, June 14. His employment at Veris, as described in the suit, began after the company actively recruited him as its chief operating officer in June, 2011. At the time he was a "well-regarded" mine operator with a demanding management style, the notice of claim states.

Mr. Reichert says he spent his first year with the company working at its Jerritt Canyon mine in Nevada, where he was in charge of turning around the mine. As he sees it, his efforts were largely successful, and on June 21, 2012, the company promoted him to co-CEO. The board explained that he was not the sole CEO because he was needed at the mine site, and not at the company's Vancouver head office.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS