SoloPower Settles Lawsuit with Founder

 SoloPower Settles Lawsuit with Founder

Last September, Homayoun Talieh, founder and former CEO ofSoloPower, filed a lawsuit against CrossLink Capital and otherinvestors alleging that he had been wrongly ousted from the company in July 2009 and that the investors were trying to drive down the price of the company.

SoloPower, for its part, argued that the company had already missed deadlines by the time Talieh was forced to step down as CEO.

The parties have now settled. Talieh dismissed the lawsuit withprejudice, meaning that it cannot be refiled. SoloPower did not payanything directly for the settlement but agreed to raise funds and buyout the shares in the company owned by Talieh and the former CTO ofSoloPower. How much did he get in the end? We don’t know. No SECdocuments for this have been filed.

Talieh, according to sources, had been involved in legal disputeswith investors in previous start-ups. His current lawyer stated that hedid not represent him in earlier cases but believed that such legaldisputes had occurred.

On other notes, interim chairman Lou DiNardo clarified thatSoloPower has raised around $100 million to date, though rumors hadswirled that the total was higher. SoloPower investors have said thatcompany’s prototype facility cost less than $100 million to erect.