Lawsuit alleges Greenetrack President misused company funds - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Lawsuit alleges Greenetrack President misused company funds

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TUSCALOOSA, AL (WBRC) -

The shareholders of Greenetrack have filed a lawsuit against the business' top employees, alleging misuse of funds.

The 35-page law suit was filed electronically this week in which attorneys representing for four Greenetrack shareholders accuse Greenetrack president and chairman Luther Winn and nine others of using company money to benefit their friends and families.

Among the allegations, Winn spent company money to buy a car for a friend and stocked a friends convenience store. It goes on to say Winn and the other defendants went to sporting events and non-business related trips on the company's dime, including vacations and Barack Obama's inauguration.

Attorneys requested financial documents from Greenetrack in December and never got them.

In response to the lawsuit, the Greentrack board says that the "allegations...simply are not true." In a written statement, they claim that the four plaintiffs who filed the lawsuit own less that 0.01 percent of the company's stock.

PDF: Read the full response from Greentrack

 

The lawsuit is filed in Greene County and so far no court date has been set.

An attorney representing angry shareholders declined to comment until the case was farther along.

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