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Former Independent Director of Coro Global Inc. Files Lawsuit Seeking to Hold Current Board and Management Accountable for Self-Dealing and Entrenchment
Former Independent Director of Coro Global Inc. Files Lawsuit Seeking to Hold Current Board and Management Accountable for Self-Dealing and Entrenchment.
About this update from Coro Global Inc
[{"type":"text","content":"\n Seeks to Invalidate 6,000,000 Restricted Shares Improperly Granted to David Dorr and Brian Dorr and Other InsidersRequests to Compel a Special Meeting of Stockholders to Vote for the Removal of the Dorr Brothers from the Board and the Election of Independent Director Nominees MIAMI, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Lou Naser, a 0.2% stockholder of Coro Global Inc. (OTC Pink: CGLO) (“Coro Global” or the “Company”) who previously served as an independent director and Chairman of the Board of Directors of the Company, today announced that he has filed a complaint in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida, asserting direct and derivative claims against David Dorr and Brian Dorr, two brothers who serve as the Company’s only current directors and its CEO and CFO/COO, respectively. The complaint seeks to invalidate six million restricted shares that the Dorr brothers improperly granted to themselves and their management allies for no cash consideration, in blatant violation of their fiduciary duties and the Company’s bylaws. The lawsuit also seeks to compel the Company Board (consisting of the two Dorr brothers) to call a special meeting of stockholders in accordance with the Company’s bylaws. Commenting on the lawsuit, Mr. Naser stated: “We believe that this massive grant of free equity, which amounts to approximately 25% of the Company’s outstanding common stock, was approved by David Dorr and Brian Dorr in violation of the Company’s bylaws, without any independent director review and without engaging an outside compensation consultant, which are standard procedures for approving compensation decisions for public companies. This egregious grant is a brazen act of self-dealing by the Dorr brothers intended to entrench them at Coro Global’s helm, dilute the voting power of the Company’s existing stockholders and frustrate a stockholder vote. We believe that the Dorr brothers should be held accountable for this unlawful and dishonest action.” The lawsuit filed by Mr. Naser seeks to invalidate the shares issued to the Dorr brothers and their associates as well as to compel the Coro Global Board to call a special meeting of stockholders. As previously announced, on September 17, 2021, a group of stockholders ...