Norwood Confident Against Roller Lawsuit
“We are confident that the evidence will show Mr. Roller’s allegations are false and without merit,” said Frank Bellis, CEO of Norwood Promotional Products, Indianapolis, in a statement released by the company’s counsel, Jonathan Polak. “We look forward to disproving Mr. Roller’s claims during arbitration, as required by his employment agreement.”
According to a release issued by PPAI, Bellis’ statement is in response to a suit filed by former Norwood CEO Thomas Roller alleging that upon his termination last December, he was told that 6,000 shares of Preferred Stock given to him as part of
Norwood’s debt/equity restructuring in 2004 were being redeemed at one penny per share. Based on valuation during the bidding process for Norwood in the spring of 2005, Roller believes the stock is worth a minimum of $200 per share.
The lawsuit alleges that Norwood committed securities fraud and civil deception, in addition to wrongful termination.
Polak, director of Indianapolis-based Sommer Barnard, said, “Based on a review of the complaint, which asserts numerous factual misstatements and untenable legal theories, we are confident that
Norwood Promotional Products will prevail in the
litigation.”
