Shareholders of VoIP-Pal.com Inc. sued CEO Emil Malak, alleging that he made $1.4 million from short-swing trading shares of company stock his wife owned, according to a complaint filed Wednesday.
Malak allegedly used his spouse Barbara Baggio’s shares to complete the short-swing trades from October 2021 to May 2023, the shareholders say in the lawsuit filed in the US District Court for the Southern District of New York.
As an officer and director of VoIP-Pal, he had a status “akin to that of a fiduciary,” but chose to benefit from his insider position through the sale of Baggio’s stock ...
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