The Globe and Mail reports in its Saturday, Feb. 9, edition that recently fired Namaste Technologies ($1.14) co-founder and chief executive officer Sean Dollinger is contesting his firing.
The Globe's Christina Pellegrini writes that Mr. Dollinger is alleging that he was wrongly ousted from his roles as CEO and director after repeated, but unsubstantiated threats from other directors that Namaste's auditor, PricewaterhouseCoopers LLP, would resign if Mr. Dollinger was not dismissed, according to court documents filed Tuesday with an Ontario court. He says he was told that his termination was "the lesser of two evils."
Mr. Dollinger is asking a judge to issue an injunction stopping the board or any committee of the board from terminating his employment. He wants the courts to declare that he is, in fact, still CEO and a director of Namaste.
For its part, Namaste has already moved on, naming Meni Morim its new interim CEO, and is now weighing a sale after an interested buyer emerged.
Since the CEO firing Monday until midday Friday, shares of Namaste had taken a nosedive, losing more than $140-million in value. Mr. Morim's assurances Friday it is business as usual appeared to calm the market.
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