Netspeak Corp faces a lawsuit over the $85m stake taken in the company by Motorola Inc in April of this year. Ronald Wechsle, who claims to be a shareholder in Boca Raton-based company, plans to file a suit against the company on the basis that Netspeak issued false statements designed to discourage shareholders from selling their shares to Motorola. NetSpeak has declared the lawsuit groundless. The internet telephony startup’s executives received a healthy return on selling their stock to Motorola Inc at $30 a share. Documents filed with the Securities and Exchange Commission (SEC) at the time showed that seven executives claimed $76.95m of the $85m Motorola spent in upping its stake. The sale upped Motorola’s share in the start-up from 9.9% to 31.7%.
