A lawsuit was filed by an investor in Payment Data Systems, Inc. shares over alleged breaches of fiduciary duties by certain directors and OTCMKTS:PYDS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/05/2015 -- An investor in OTCMKTS:PYDSD shares filed a lawsuit against certain Payment Data Systems directors.
Investors who purchased shares of Payment Data Systems, Inc. (OTCMKTS:PYDS) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that certain Payment Data Systems directors breached their fiduciary duties and caused damage to the company and its shareholders. More specifically, the plaintiff alleges that certain directors of Payment Data Systems kept the company in the red by paying themselves more than Payment Data Systems earned last year. The plaintiff claims that Payment Data Systems, Inc recorded gross profits of $4.18 million in 2014, and the five defendants granted themselves compensation valued at $4.53 million in the aggregate. The plaintiff says that in determining their own compensation in 2014, defendants allegedly wrongfully misappropriated economic value and voting power from Payment Data Systems' minority shareholders, thus harming them uniquely, individually, and in direct proportion to defendant's benefit
On August 3, 2015, PYDS shares closed at $4.19 per share.
Those who purchased shares of Payment Data Systems, Inc. (OTCMKTS:PYDS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego