The former CEO of an education software company must pay more than $25 million in damages to investors from whom he usurped an opportunity to buy stock in the company, Delaware’s Chancery Court ruled.
Robert A. Maginn Jr., the former CEO of Jenzabar Inc., breached his fiduciary duty to existing investors when he steered warrants for the purchase of company stock intended to benefit those investors into an investment vehicle in his sole control, Vice Chancellor Lori W. Will said Tuesday in a post-trial ruling.
Maginn reaped nearly $81 million in profits through the exercise of the warrants and ...
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