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Former EUniverse CEO Resigns from Board, Files Suit Against Company

Authored by Mark Hefflinger on December 12, 2003 - 5:13am.
Los Angeles -- Brad Greenspan, the recently departed CEO of EUniverse, a provider of entertainment-related websites and newsletters, announced on Friday his resignation from the company's board of directors, as well as the filing of a lawsuit against the company, its board and a venture capital firm that invested in the company. In the lawsuit, Greenspan alleges that "certain directors of the Board have embarked upon a scheme to entrench themselves in office… breach[ing] their fiduciary duties to the company." Greenspan also alleges that the terms of San Bruno, Calif.-based VantagePoint Venture Partners' recent $8 million investment in EUniverse "may have a material adverse impact on the company's ability to relist its common stock on The Nasdaq SmallCap Market." http://biz.yahoo.com/pz/031212/49649.html 
http://www.vpvp.com
http://www.euniverse.com

tags: CEO | Resigns | Board | Files | EUniverse |

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