Litigation & Arbitration,
Health Care & Hospital Law
Oct. 20, 2023
Investors sue COVID testmaker and CEO over ‘misspent’ funds
The COVID-19 test kit developer generated $37.6 million in income between 2021 and 2022 but was left with no money by Aug. 1, 2023, when shareholders were told the company was folding, the lawsuit claimed.
An asset management firm and a former executive of Virus Geeks Inc., a developer of COVID-19 test kits, accused the company’s CEO in a San Francisco Superior Court lawsuit of siphoning money from the business to fund a lavish lifestyle.
According to the complaint filed Wednesday by the plaintiffs’ attorney, Kimberly A. Pallen of Withers Bergman LLP, CEO Frank Lee diverted money to shell companies that he wholly owned in order to purchase l...
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