EL SEGUNDO, Calif., May 12, 2014 /PRNewswire/ -- The Layfield Law Firm, on behalf of its client, Vestiq Pharmaceuticals, a specialty pharmaceutical company dedicated to building a portfolio of products for the oncology supportive arena, today announced that it has filed legal action against Monosol RX, LLC ("Monosol") and its Co-president, Chief Operating Officer and Chief Financial Officer, Keith Kendall ("Kendall").
Filed in the Superior Court of California, County of San Francisco (Case # CGC-14-537681), the suit alleges causes of action against Monosol and Kendall for breach of contract, breach of the implied covenant of good faith and fair dealing, intentional and negligent interference with prospective economic relations, interference with contractual relations, and defamation. According to the complaint, Vestiq seeks economic and punitive damages, in addition to attorneys' fees.
According to court documents, in 2013 Vestiq disclosed confidential information to Monosol and Kendall and Monosol and Kendall improperly used that information to defame the reputation of Vestiq, and that of its Chief Executive Officer, Steve Lutz, with Vestiq's vendors. In addition, the complaint states Monosol and Kendall acted in bad faith when they wrongfully withheld their approval of the sale of Vestiq's assets to third parties despite that the license agreement between Monosol and Vestiq allows Vestiq to conduct such a sale. The court documents allege that because of Monosol's improper actions, Vestiq was unable to complete the transactions.
"We are disappointed that we have had to initiate legal proceedings against Monosol and Keith Kendal," said Lutz. "Our board has not taken this decision lightly. However, given what we believe there are clear material breaches of the license agreement and Monosol's and Kendall's wrongful behavior in disparaging Vestiq and preventing it from selling its assets, we have proceeded with legal action to protect the interests and constitutes of Vestiq."
The Layfield Law Firm specializes in complex business litigation and catastrophic personal injury matters in California and across the country. The main office is located in El Segundo, California, with additional offices located in Santa Monica, Manhattan Beach, Palm Springs, Newport Beach, and Ventura. For more information about the firm, visit www.layfield-law.com.
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SOURCE The Layfield Law Firm, APC