Blockchain funds firm Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent functions and defrauding the agency. In a
Blockchain funds firm Rocketfuel Blockchain is suing its co-founder for allegedly misrepresenting patent functions and defrauding the agency.
In a grievance filed with the Central District Courtroom of California, Rocketfuel claimed its co-founder and former treasurer Joseph Web page hid the truth that patents he transferred to the corporate had expired. The corporate is looking for damages of a minimum of $5.1 million.
In accordance with Rocketfuel, Web page transferred patent functions to the corporate in March 2018, thereby relinquishing his rights to the patents. These patents had been for a number of cost processes for Rocketfuel’s blockchain platform, together with cryptocurrency person interface techniques.
B4MC Gold Mines acquired Rocketfuel in June 2018. When B4MC took over the corporate, and began doing enterprise as Rocketfuel, Web page stated the patents had been being examined by the USA Patent and Trademark Workplace (PTO). Web page and different shareholders offered their shares in Rocketfuel, and he obtained 5 million shares of the newly acquired agency price roughly $45 million.
A 12 months later, Web page resigned from the board. He demanded shareholders of Rocketfuel elevate four million euros in capital to develop the expertise described within the patents or pay him 100,000 euros and switch the mental property again to him.
However Rocketfuel alleged the patent functions had expired, and the corporate may not revive them. Three of the 5 patents Rocketfuel now owned had been thought of deserted between 2014 and 2017.
The corporate stated Web page admitted the patents expired in June 2019 however stated this was attributable to Rocketfuel’s incapacity to boost capital to make use of the expertise. Nonetheless, the corporate stated Web page let the patents expire as a result of he didn’t pay extra submitting charges and didn’t reply to different PTO requests.
Rocketfuel stated if it had identified it couldn’t use the patents, it by no means would have gone by way of with the acquisition. They declare Web page assigned the patents to Rocketfuel, and sought shares of inventory in alternate, regardless of realizing these patents not had worth for the agency.
No courtroom date has been set for the case. Cointelegraph couldn’t discover contact data for Web page.