and Chief Restructuring Officer of Transmeridian Exploration, Inc. Zeidman is Chairman Emeritus of the University of Texas Health Science System Houston. Zeidman is also Chairman Emeritus of the United States Holocaust Memorial Council, appointed by President George W.He further serves on the Board of Directors and Executive Committee of the University of Saint Thomas and Houston Community College Foundation. Zeidman is Chairman of the Board of Petroflow Energy and a Director of Hyperdynamics Corp., Lucas Energy Inc., Straight Path Communications Inc., Petro River Oil and Prosperity Bank in Houston. Zeidman holds a Bachelor’s degree from Washington University in St.
In this motion defendant seeks to dismiss the complaint on three separate grounds: (1) forum non conveniens; (2) preemption of the claims by the Securities Litigation Uniform Standards Act, 15 U.
Aremis Soft Corporation ("Aremis Soft" or "the Company") was a software company, incorporated in Delaware in 1997, that purported to develop, market, implement, and support software applications for mid-sized corporations in the manufacturing, healthcare, hospitality and construction industries.
Much of the following account is drawn from the complaint, whose well-pleaded factual allegations are taken as true on this motion.
For the following reasons, I dismiss the complaint on the ground of forum non conveniens. Kyprianou and Poyiadjis sold their shares at these inflated prices to investors who were not privy to their knowledge concerning the true value of the Company. By the time the fraud was uncovered in 2001, Aremis Soft shareholders had sustained losses of approximately 0 million. On May 17, the New York Times reported that the time value of an Aremissoft contract with the Bulgarian government was not the .5 million claimed by the Company but rather less than million.
In December 2001, an indictment was obtained against Poyiadjis in the Southern District of New York, and in June 2002, a superseding indictment was returned against Kyprianou, Poyiadjis, and M. Mathews, the top Aremis Soft executive in India, on counts of securities fraud and money laundering, and conspiracy to commit both crimes. In an action before this Court, the SEC succeeded in freezing 5 million of Poyiadjis's proceeds lodged in bank accounts in the Isle of Man. On March 15, 2002, Aremis Soft filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. Kyprianou is in Cyprus, and Poyiadjis is awaiting sentencing in this Court, having pleaded guilty to fraud.