In a suit filed yesterday in U.S. District Court, an InfoSpace employee alleges InfoSpace chairman Naveen Jain illegally denied him promised stock options.
According to the suit, filed against both Jain and InfoSpace, Jain used plaintiff John Richards to develop integral aspects of InfoSpace and then failed to keep his promise of lucrative stock options.
The lawsuit seeks damages as well as enforcement of the agreement to provide Richards the largest number of stock options of any staff, as well as attorneys’ fees.
While officials at Infospace had not yet received a copy of the referenced complaint, based upon what was represented in the December 19 press release issued by Richards’ law firm, they believe these allegations are totally without merit.
In addition, company officials vowed to vigorously defend their position using all appropriate legal means.