Investors Sue Transfer Company After Shares Turned Over to State

Three investors have sued a corporate record keeper alleging their shares in an energy systems developer were turned over to the state of Delaware after being mistakenly declared abandoned.

The lawsuit was filed by three Dutch citizens Tuesday in the US District Court for the District of Delaware against Computershare Inc. The individuals said their combined shares are worth over $562,000.

“At all times Defendants knew how to locate and contact Plaintiffs,” the suit said. “They nevertheless wrongly claimed they could not find Plaintiffs and that Plaintiffs, therefore, had abandoned their stock.”

Under Delaware’s “escheat” law, companies can be ...