Linton fights back against alleged smear campaign
Promega founder Bill Linton and the Fitchburg biotech’s lawyers have filed a countersuit against shareholders Nathan Brand and Ted Kellner, who allegedly tried to take over the company, oust Linton, and replace him with Paul Shain, another shareholder and CEO of Singlewire Software.
Shain is also named as a conspirator, according to a story in the Wisconsin State Journal.
With Shain in place, the shareholders reportedly had plans to sell the private company after five years, according to Linton’s complaint.
Brand and Kellner maintained that a Promega stock buyback plan in 2014 was priced too low per share, prompting their 2016 lawsuit against Linton claiming he had “bullied, lied, threatened, and manipulated his way” toward majority control that left them with no chance at a fair return on their investment for decades into the future.
Linton’s countersuit charges Brand and Kellner with the bullying and lying, and for smearing Linton and Promega’s reputation.