A lawsuit filed on August 30, 2007 in circuit court of the 17th judicial circuit in
The lawsuit accuses Cypress Funding, LLC, a Mississippi based firm, and Ernie Coward, an appointed executive representative to SignatureLink, of failing to act on many opportunities in the best interest of SignatureLink, Inc., failing to capitalize on a buyout opportunity by a major ecommerce gateway provider, of improperly exercising it's proxy vote to remove the founders of the company from the board of directors, of improperly terminating the employment founders of the company without severence pay, of improperly trying to squeeze out the founders of the company to exercise warrant rights at a lower value as a result of their intentional failure to pursue business opportunities, resulting in a gain for Cypress Funding and all detriment to SignatureLink Plantiffs, of breaching the fiduciary duty of loyalty of trust, and of breaching the implied duty of good will and fair dealing.
According to several affadavits, complaints have been filed against Cypress Funding, Ernie Coward, and a negotiator who mediated between SignatureLink and Cypress Funding LLC about these matters, of false representation about terms of the funding agreement between Cypress Funding and SignatureLink, Inc.
SignatureLink plantiffs are asking for a judgement against Cypress Funding and other parties involved.