West Virginia Record

Tuesday, January 28, 2020

Shareholder seeks judgment in stock retirement agreement with Environmental Construction

State Court

By Carrie Bradon | Sep 10, 2019

Law money 07

WINFIELD – A shareholder in a West Virginia company is seeking the court to determine a value of shares in a dispute over a stock retirement agreement.

Joe Pingley filed a complaint in Putnam Circuit Court against Environmental Construction Inc. seeking declaratory judgment.

The suit states in 1998, the plaintiff and others entered into a stock retirement agreement with the defendant and the plaintiff was an owner and/or shareholder of the defendant. The plaintiff alleges in 2018, the defendant offered to purchase his stock for $180,000. He alleges he made an offer to sell back his stock, which the defendant rejected and has since made multiple demands with various lower prices.

The plaintiff alleges both parties desire to achieve a sale but have been unable to agree on a price. The plaintiff alleges the defendant his failed to value his shares according to the terms of the agreement.

The plaintiff is seeking for the court to enter an order declaring the value of the shares, attorneys' fees and court costs. The plaintiff is represented by Kurt E. Entsminger and Phillip Estep of Estep Entsminger Law Group PLLC in Charleston.

The case has been assigned to Judge Phillip Stowers.

Putnam Circuit Court case number 19-C-148

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Putnam Circuit Court

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