A Colorado tech firm and one in New Jersey are engaged in a nasty dispute.
SITO Mobile Ltd. (Nasdaq: SITO) of Jersey City, New Jersey, which makes a mobile device engagement platform, believes that the management of Evolving Systems Inc. (Nasdaq: EVOL) of Englewood is trying to take control of SITO Mobile.
SITO Mobile alleges that Evolving Systems CEO Thomas Thekkethala and company chairman Matthew Stecker are part of a group that's trying to take control of SITO Mobile's board "to further an undisclosed agenda," such as acquiring the company.
SITO also alleges in a letter to shareholders this week that Evolving Systems' largest shareholder, Karen Singer, who also owns a portion of SITO Mobile, "is actually a façade for Gary A. Singer, who is banned for life by the SEC from serving as an officer or director of a public company. We also believe that Gary A. Singer ultimately controls Evolving Systems through his wife’s stock ownership and wants to place himself in a similar position of control at SITO."
Read more at the Denver Business Journal: http://bit.ly/2qIxNjQ