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    7 Replies Latest reply on Mar 3, 2010 3:36 PM by MrDunhill2000

    Investor/Previous Employee Starts a Rival Company

    pconklin Newbie
      My company has been in business for nealry three years. We have several vc's and one of the angel investors was actually hired for short time. After several months he wa snot working out and we needed to let him go. Thsi angel investor then teamed up with another of our investors and started a rival company. My question is do we have to provide them with sales information or an anuual report even though they are investors? They are then using the information we provide in the reports to market their business at our expense, after we've spent the labor time and capital to grab market share. Would this fall under any insider information laws that state you cannot use the information for further persoanl or business gain?

      Thanks for any assistance.