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Wednesday, Apr 24, 2024

Precision Dynamics Case Goes to Court

Testimony began Oct. 16 in the trial of a lawsuit alleging a power grab by executives and board members of Precision Dynamics Inc. against Walter Mosher, a co-founder of the company. Mosher was sworn in to testify Oct. 18 in the courtroom of Los Angeles Superior Court Judge Teresa Sanchez-Gordon. The case will resume Nov. 14. Mosher, 72, filed the lawsuit in September against President and Chief Executive Officer Gary E. Hutchinson, Chief Financial Officer Mark Segal, and board members Jonathan G. Lasch, Robert B. Kraemer, and Robert F. Foster alleging a power grab for control of the privately held San Fernando company. The suit seeks to oust Lasch and Foster from the board, find that Segal failed to carry out his duties as inspector of the election of board members, and find that Kraemer and Hutchinson, majority shareholders in the company, failed to hold a shareholders meeting in compliance with state code and breached their fiduciary duty by taking steps to keep Mosher from electing a board member of his choosing at an August shareholders meeting. The suit accuses the defendants of attempting to get around safeguards for Mosher, a minority shareholder, to keep intact the company he created. Precision Dynamics is a leader in designing, manufacturing and distributing identification band systems.

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