Word: sculley
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...Sculley claims that he was hoodwinked and blames Caserta for tarnishing his image. His suit charges that Caserta made "fraudulent misrepresentations" in order to reap profits on the stock-price increase inspired by his hiring. Indeed, Spectrum shares rose from 3 1/4 to 11 1/8 on the announcement, and a month later, Caserta and two of his top executives cashed in some of their options for a reported $13.2 million profit. It was not until late last month, says Sculley, that he learned of an eight-month-old investigation of the company by the Securities and Exchange Commission...
Caserta denies that he and his colleagues were out to make a fast buck, and says Sculley was made aware of their plans to sell stock. His company also denies that Sculley was kept in the dark about the SEC inquiry, claiming that Spectrum executives briefed him at a dinner three days before he signed his employment contract...
Caserta and his fellow Spectrum officers are also accusing Sculley of concocting his charges as part of a shrewd "exit strategy" that would release him from his employment contract. "He wanted out. He didn't relate to us. He was like a fish out of water," Caserta told TIME last week. "He needed someone to attack so that he could get out of this gracefully...
...Sculley Sues, and Gets Sued...
...John Sculley, former chairman of Apple Computer, abruptly left his new job as head of Spectrum Information Technologies, charging Spectrum's chairman Peter Caserta with fraud. Sculley's $10 million lawsuit claims Caserta failed to mention anything to him about an ongoing sec investigation. In turn, Spectra has brought a $300 million countersuit against Sculley for breach of contract...