Scotland-based Orbital Software is being sued by one of its
former US directors for allegedly stopping him from exercising his
stock options, apparently to avoid a drop in its share price,
according to a report by Business AM today.
The beleaguered software company’s owners are currently
considering a take over offer from AIM-listed software company
Sopheon which values the company at just £11 million, less than
Orbital’s cash reserves. Last year, Orbital floated with a market
capitalisation of £80 million.
Barry Clapp, the former head of Orbital’s US operations who
resigned earlier this year, is seeking $250,000 in a Massachusetts
court, according to the Business AM report. Clapp claims that
Orbital used “many tricks” to prevent the exercise of his stock
options.
