The complaint TapImmune filed against Michael Gardner alleged that Gardner induced TapImmune to enter a very lucrative agreement where Gardner would receive a significant amount of stock in TapImmune in exchange for raising funds for the company. Thereafter, Gardner denied that he had agreed to raise funds for TapImmune.
The arbitrator found that Gardner made false representations to TapImmune in order to induce the company into the agreement and did not fully provide the services he was hired to perform. Moreover, the arbitrator concluded that Gardner did not intend to perform the stated services at the time he was hired. Further, the arbitrator found that Gardner knew that TapImmune would be hindered in its business efforts through his compensation arrangement.
Gardner counterclaimed that he was damaged by TapImmune through a preliminary injunction that prevented him from selling his TapImmune stock at optimal prices. The award ordered Gardner to pay TapImmune $196,204 plus statutory interest in the amount of 9% per year until the award is paid in full. Gardner’s counterclaims were denied.
Dr. Glynn Wilson, TapImmune Chairman and CEO was quoted in the press release stating that “We are clearly satisfied with the final verdict from the arbitrator…”
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