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Zealous Asset Management, together with Ault Glazer Capital Partners, collectively known as “The Funds,” today filed a lawsuit against Patient Safety Technologies, Inc. The lawsuit was for breach of contract, breach of good faith and fair dealing, intentional misrepresentation, common counts-monies lent, fraud and tortuous interference. Zealous Asset Management retained the services of Arash Shirdel, Esq., the Newport Beach-based Managing Partner of the Pacific Premier Law Group.
Zealous Asset Management, through their counsel, Mr. Shirdel, also included Board Member and former Chief Executive Officer of Patient Safety Technologies, Inc., Dr. Louis Glazer for fraud and tortuous interference. It also included Ms. Melanie Glazer, a major shareholder and Co-Founder of Patient Safety Technologies, Inc. for tortuous interference. Also named in the lawsuit was a former partner in Ault Glazer Bodnar Acquisition Fund, LLC, Stephen Bodnar.
The lawsuit, with Case Number 30-2010-00424948, was filed in Orange County Superior Court. It claimed that Zealous Asset Management and Ault Glazer Capital Partners suffered irreparable harm, which allegedly resulted from the tortuous interference and misrepresentations made by the Glazers and management of Patient Safety Technologies. The lawsuit also alleged that Patient Safety Technologies, Inc. was not upfront about its financial strength and ability to service debts to The Funds.
The lawsuit also claims that because of the Glazers’ controlling interests, they were in the position to influence the decision making and actions of the company. The Glazers’ actions are often detrimental to Zealous Partners, Zealous Asset Management, Ault Glazer Capital Partners, and Zealous Holdings, Inc.