TAMPA – A New York merger and acquisition consulting firm alleges a Tampa business has not compensated it for work.

Michael Blitzer Associates Inc., doing business as Blitzer, Clancy & Co., filed a complaint on Sept. 28 in the Tampa Division of the Middle District of Florida against eLutions Inc. and Elutions Europe Holdings Limited alleging breach of contract and unjust enrichment.

According to the complaint, the plaintiff alleges that on Nov. 21, 2006, it entered into an agreement with eLutions to transfer 50 shares of Elutions Europe's stock, or 5 percent of its total shares, to plaintiff as compensation for advising it on an acquisition, which included a put option that gave the right to plaintiff to sell back its stocks after April 1, 2007. On June 14, 2016, the suit states the plaintiff informed the defendants of its intent to exercise its put option, however, to date the defendants have not allegedly provided any valuation information to plaintiff. 

The plaintiff holds eLutions Inc. and Elutions Europe Holdings Limited responsible because the defendants allegedly refused to issue plaintiff its 50 shares as compensation for its services, failed to value and repurchase plaintiff's shares, retained the benefit of plaintiff’s services without providing compensation, and failed to provide plaintiff with share certificates, financial reports, dividends, or any meaningful shareholder communications.

The plaintiff requests a trial by jury and seeks judgment in its favor, independent public accounting to complete a valuation of Elutions Europe, compensatory damages of not less than $670,000, interest, and all other relief the court deems just. It is represented by Michael C. Fasano of Fasano Law Firm PLLC in Miami.

U.S. District Court for the Middle District of Florida Case number 8:16-cv-02769

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Tampa Division of the Middle District of Florida

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