A St. Louis County jury awarded over fifty-five million dollars to shareholders who claimed they were defrauded by InnerPoint Energy Corporation, a Kirkwood-based renewable energy firm. The shareholders alleged that the company withheld crucial information and falsely claimed insolvency, while executives secretly pursued lucrative deals for themselves. The jury found that InnerPoint, led by executive Glenn Foy and board member Dennis Moore, breached its fiduciary duties. The verdict included thirty-one million dollars in punitive damages, with Moores family trust ordered to cover the majority. The lawsuit was filed on behalf of about four hundred shareholders, with five named plaintiffs, including Andrew Schlafly of Fenton. The judge will determine how the winnings are distributed among the shareholders. Lawyers for InnerPoints defendants maintain they did nothing wrong and plan to appeal the jurys decision. The core of the dispute involved a coal plant in Litchfield, Michigan, bought by an InnerPoint subsidiary in two thousand nineteen.
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