Minority shareholder accuses furniture company of fraud

By Noddy A. Fernandez | Jul 5, 2018

ORLANDO — A minority shareholder is suing a furniture corporation and its majority shareholders, alleging breach of contract, breach of duty, civil conspiracy, and fraud.

ORLANDO — A minority shareholder is suing a furniture corporation and its majority shareholders, alleging breach of contract, breach of duty, civil conspiracy and fraud.

Morad Salem filed a complaint June 12 in Orange County Circuit Court against SOS Furniture Company Inc., Maged Salem, Madhat Salem, Majdi Salem and Marwan Salem, alleging the defendants knowingly violated the corporation's modification agreement, engaged in unlawful conduct to hinder and prevent a shareholder from exercising rights and benefits and misused company assets and property.

According to the complaint, in 2014, Morad Salem and the defendants entered into a purchase agreement regarding the percentages of shares in the corporation that was eventually modified. 

However, Morad Salem alleges there's a scheme by the defendants to oust him from the company shares, the defendants wrongfully did not pay his monthly wages and shares, and they deliberately wasted and misused corporate assets, funds and property. As a result, Morad says, he suffered damages and economic duress. 

The plaintiff alleges the defendants knowingly violated the company's modification agreement, engaged in unlawful conduct to hinder and prevent a shareholder from exercising his rights and benefits and misused company assets and property.

Morad Salem seeks trial by jury, declaratory relief, judicial dissolution, specific performance and other equitable relief, plus damages in excess of $15,000, exclusive of interest, court costs and attorney fees. He is represented by attorney T. Todd Pittenger of Grayrobinson, P.A. in Orlando.

Orange County Circuit Court case number 18CA006279

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