A group of investors in Individual Inc. filed suit against the company in U.S. District Court in Massachusetts, alleging that the company and some current and former employees made misstatements or failed to make statements to investors about disputes between Individual and Joseph "Yosi" Amram, the company's former CEO. Mr. Amram left the company in August and was replaced in September by Michael Kolowich, former VP-business development at Nets Inc.
The war of words between Individual and Mr. Amram escalated over the summer, with Mr. Amram at one point trying to rally shareholders to his defense after he was reportedly put on leave of absence by the company's directors. The company, which Mr. Amram co-founded, markets NewsPage and other online news delivery services.
Copyright November 1996, Crain Communications Inc.