Georgia Court Grants Favorable Ruling For TransPerfect Employee's Case For Equity Ownership In Company
ATLANTA, Nov. 15, 2017 /PRNewswire/ -- A Georgia court has granted a procedural victory for TransPerfect's Senior Vice President in a lawsuit for promised equity in the company (Docket number: 2016CV275799). The plaintiff, Kevin Obarski, filed a lawsuit to receive equity shares promised for his work in building the company. The Georgia court granted the joinder, which added TransPerfect and Elting as defendants in Obarski's lawsuit to acquire his promised shares. This case could have major implications in the TransPerfect case, as it calls the equity ownership of the company into question.
The favorable ruling for Obarski came the same week that the Delaware court-appointed Custodian received bids for TransPerfect's sale price. "I am thrilled by this victory in Georgia for Kevin. He and I were both made promises by TransPerfect in regards to equity shares, and this is a win," said Brooke Christian, the former Chief Sales and Marketing Officer of TransPerfect and a member of Citizens for a Pro-Business Delaware. "Employees are the backbone of successful companies and should be permitted to have their voices heard, not silenced by the courts. Recent actions surrounding this case casts doubt on the validity of the current TransPerfect sale process as my former colleague continues to pursue his right to ownership in the company," Christian added.
The TransPerfect case has drawn national and international attention and concern from the business community. A bidding process for the company was under way before this ruling, and it is unclear at this time what the broader impact will be of the Georgia's court order on the overall fate of TransPerfect.
Citizens for a Pro-Business Delaware is a group made up of more than 2,200 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the issue.
For more information on Citizens for a Pro-Business Delaware visit DelawareForBusiness.org.
Contact: Mary Urban, [email protected]
SOURCE Citizens for a Pro-Business Delaware
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