Praesidium Partners Inc. Founder Wins Suit Over Canceled Shares

One of Praesidium Partners Inc.'s co-founders and former directors won his lawsuit against the fintech company, after a Delaware judge said it had no basis for canceling his “vested” shares.

The state’s Chancery Court granted plaintiff Steven McClurg’s request for a constructive trust over his shares in the company because the attempt by the directors of the company wasn’t effective.

McClurg’s former business partners, defendant directors Philip Liu and Jeremy Rayne Steinberg, “wanted McClurg removed from Praesidium and resorted to self-help,” Vice Chancellor Sam Glasscock III said in the post-trial decision on Oct. 28.

McClurg co-founded Praesidium with Steinberg, and ...