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Home / Questions / John Watson invested $5,000,000 in SmartRead, Inc., a company that was developing an elect...

John Watson invested $5,000,000 in SmartRead, Inc., a company that was developing an electronic reading device. Within a few months the $5,000,000 was spent but Smart Read never developed the reading

John Watson invested $5,000,000 in SmartRead, Inc., a company that was developing an electronic reading device. Within a few months, the $5,000,000 was spent but SmartRead never developed the reading device. John filed suit against the directors of SmartRead for their failure to supervise SmartRead's CEO in his operation of the company. The directors used an expert on corporate governance to testify that the directors had done all that they could to oversee the company. The expert did not disclose that he had served as a director of a company and had been found to be negligent in his role there and had been required to pay $370,000 to shareholders. The directors won the case. Is there anything Watson can do?

Aug 11 2021 View more View Less

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