CEO vs. ex-CEO suit settled at InNexus

June 8, 2009

By Flinn Foundation

[Source: Ken Altucker, The Arizona Republic] – A Scottsdale biotechnology company settled a lawsuit with its former CEO and another executive over allegations that the pair used corporate credit cards to pay for $450,000 in personal expenses and improperly obtained computer files.

InNexus Biotechnology sued its founder and former CEO Alton Charles Morgan and Vice President Gail Thurston. Morgan’s son, David Morgan, a former technology-management contractor for the company, also was named in Maricopa County Superior Court lawsuit. The two sides settled the suit May 29 and have 60 days to complete the undisclosed terms of the settlement.

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