LOS ANGELES, Jan. 25, 2024 /PRNewswire/ — California-based law firms YK Law LLP and King, Holmes, Paterno & Soriano, LLP announce that a jury trial in Federal Court in the Northern District of California has commenced in Oakland in the case of Lei Li, et al, v. Arcsoft, Inc. and CEO Michael Deng.
Howard King, lead counsel for the plaintiffs, confirmed that opening arguments occurred on Monday January 22, and witness testimony is ongoing day to day.
Mr. King stated the case involves claims of fraud and deceit against both Arcsoft and its CEO Michael Deng, as well as breach of fiduciary duty by Mr. Deng and breach of contract by Arcsoft.
The litigation arises out of a management buyout of the company’s shareholders in 2017. The claim seeks lost profits, out of pocket damages and punitive damages based on allegations of fraud by a fiduciary in the Buyout. The jury trial is expected to conclude within a few weeks.
SOURCE YK LAW LLP
