A Nevada judge has granted a temporary restraining order to the former CEO and chairman of Medient Studios.
Judge Jerome Polaha of the Second Judicial District Court granted Manu Kumaran’s restraining order Tuesday afternoon. Kumaran, the former CEO and chairman of the board for Medient Studios, filed suit against the current board members June 23, two weeks after they voted to remove him from his positions atop the company.
The studio has a lease on approximately 1,550 acres off Interstate 16 and Old River Road, where it plans to build the nation’s largest studioplex.
Kumaran’s motion for a preliminary injunction will be held July 23 at 9:30 a.m. MDT. He filed suit in Nevada, where the company was incorporated. Kumaran is suing current CEO Jake Shapiro, current board chairman Charles Koppelman, Joseph Giamichael and David Paterson, alleging the four have “colluded to grossly mismanage the corporation in the conduct and control of Medient affairs.” He also is asking for the court to dissolve the company.
Kumaran was fired during a June 9 conference call, and he charges that the other directors’ actions “occurred solely to dilute Kumaran’s position as the company’s majority shareholder through improper means and less than fair value.”
The former CEO also is asking the court to stop the company from exercising any powers or doing any business, unless it is through a court-appointed receiver.
The Securities and Exchange Commission suspended trading of Medient’s stock through July 9, citing questions regarding the accuracy and adequacy of publicly available information about the company, including the number of shares outstanding and its operations.
The fee to file the suit was $1,520.