A shareholder of LifeBrand Inc. sued the company in Delaware Chancery Court for books and records relating to potential mismanagement in connection with a sale of its assets.
The records relate to a purported “secret” sale of Lifebrand’s assets to Sentiment AI “for virtually nothing,” Carl Georigi’s complaint says. Records cases often reflect an attempt to drum up fiduciary breach allegations for a derivative suit or shareholder class action.
Lifebrand is an “artificial intelligence-powered software company specializing in social detection and monitoring software,” according to the complaint.
The records demanded also relate to LifeBrand’s agreements with secured creditors. Georigi claims ...
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