[UPDATED] Investors Sue Duluth Startup GeaCom

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Updated 5/4/2018via Law360 (published on April 9, 2018, 7:37 PM EDT paywalled) — An Illinois federal judge whittled down a shareholder suit on Friday accusing Minnesota medical device manufacturer GeaCom Inc. and its executives of misrepresenting the company’s financials and mishandling investors’ money, tossing the bulk of their complaint but giving the stockholders a second chance to refile.

Original story by Brooks Johnson, in the Duluth News Tribune on 3/14/2017

“Investors are suing Duluth’s GeaCom Inc. for millions of dollars, alleging the medical device maker fraudulently led them to buy stakes in the company, according to court filings.

Five minority shareholders, who together invested more than $3.5 million into GeaCom, want to “recover the investment induced by … false statement regarding pending sales,” according to court documents filed in February.”

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