Teays Valley Assisted Living, stockholder sue president for injunctive relief

By Kyla Asbury | Aug 31, 2011

WINFIELD – Teays Valley Assisted Living and one of its stockholders are suing the president of the company for wrongfully trying to freeze him out.

On March 10, Eric Scott Arbogast and Christie R. Mounts became joint stockholders in Teays Valley Assisted Living, Inc., and have help equal ownership in the corporation and are the sole stockholders, according to a complaint filed Aug. 30 in Putnam Circuit Court.

Arbogast claims over the course of the last several mounts, he and Mounts have had various disagreements over the day-to-day operations and healthcare operations at the facility and have discussed the possibility of purchasing the shares of the other such that ownership of the corporation would be vested solely in one individual.

On Aug. 26, Mounts, president of Teays Valley Assisted Living, unilaterally and without power or authority attempted to "terminate" the employment of Arbogast, according to the suit.

Arbogast claims Mounts falsely accused him of breach of contract, misappropriation of funds, breach of fiduciary duties and unacceptable work performance.

Mounts also made reference to any ownership interest that Arbogast may have had in the corporation, suggesting that his shares were worth nothing and implied that he should simply walk away from the business, according to the suit.

Arbogast claims Mounts banned him from the property, refusing to even let him return to retrieve personal belongings.

The plaintiffs are seeking for a temporary injunction against Mounts. They are being represented by William R. Slicer, Roberta F. Green and Christopher J. Sears.

The case has been assigned to Circuit Judge Philip Stowers.

Putnam Circuit Court case number: 11-C-240

More News

The Record Network