Lawsuit brought against Wolves owner Glen Taylor by former GM Kevin McHale over medical device company
ST. PAUL, Minn. (FOX 9) - Former Minnesota Timberwolves general manager and head coach Kevin McHale is among a group suing team owner Glen Taylor over their investments into a medical company that they claim Taylor has sabotaged.
The suit, which names Taylor and board members for Envoy Medical Corporation, alleges that Taylor has attempted a scheme to take control of the company through underhanded means.
The investors claim Taylor hurt the company, which developed what they claim is a revolutionary hearing aid, after his daughter was fired by the company. Since then, they say Taylor has hurt the value of the company and its shareholders, including McHale.
The lawsuit says the device was believed to make Envoy worth billions of dollars, but the current valuation puts the company at only a fraction of that.
Now, they say Taylor has diluted shares of the company to the point that he has been able to seize control of the company for a fraction of what it should be worth.
The lawsuit is seeking damages from Taylor in response to his decisions.