Well, that was quick.
Last September, Homayoun Talieh, founder and former CEO of SoloPower, filed a lawsuit against CrossLink Capital and other investors alleging that he had been wrongly ousted from the company in July 2009 and that the investors were trying to drive down the price of the company.
SoloPower, for its part, argued that the company had already missed deadlines by the time Talieh was forced to step down as CEO.
The parties have now settled. Talieh dismissed the lawsuit with prejudice, meaning that it cannot be refiled. SoloPower did not pay anything directly for the settlement but agreed to raise funds and buy out the shares in the company owned by Talieh and the former CTO of SoloPower. How much did he get in the end? We don't know. No SEC documents for this have been filed.
Talieh, according to sources, had been involved in legal disputes in previous companies. His current lawyer stated that he did not represent him in earlier cases but believed that such legal disputes had occurred.
On other notes, interim chairman Lou DiNardo clarified that SoloPower has raised around $100 million to date, though rumors had swirled that the total was higher. SoloPower investors have said that company's prototype facility cost less than $100 million to erect.