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Seth Pinegar -v- iSoftstone Holding Limited Cause No. FSD 584 of 2012, per Smellie CJ (7 March 2014)

September 2013 Procedure

CAYMAN ISLANDS

GRAND COURT

CAYMAN - PROCEDURE - STRIKE OUT - EMPLOYMENT - SHARE OPTION AGREEMENT - LOSS OF OPPORTUNITY TO ACQUIRE SHARES - SPECIFIC PERFORMANCE

The action was brought by Mr. Pinegar (the “Plaintiff”), a resident of the People’s Republic of China (“PRC”), against iSoftstone Holding Limited (“IHL”), a Cayman Islands company listed on the New York Stock Exchange. The Plaintiff claims damages for breach of his employment agreement with IHL’s subsidiary, an agreement which includes vested share option agreements provided through IHL.

The breach is alleged to have resulted in the loss of opportunity to connect IHL shares (acquired by exercise of options) into American Depository Shares (“ADSs”) and to acquire and track those ADSs to which the Plaintiff claims to have been entitled. Alternatively, the Plaintiff claims specific performance of the share option agreements, including the right of conversion to ADSs. IHL counterclaims for the sum of US$1,210,058.00 said to be due from the Plaintiff as withholding taxes arising from the exercise of certain of the vested share options. This is the amount which IHL claims it is liable, as counterparty to the share option agreements, to pay to the Revenue of the PRC.

 

To continue reading full articles in PDF format:
Seth Pinegar -v- iSoftstone Holding Limited Cause No. FSD 584 of 2012, per Smellie CJ (7 March 2014)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Seth Pinegar -v- iSoftstone Holding Limited Cause No. FSD 584 of 2012, per Smellie CJ (7 March 2014)

18 September 2013

CAYMAN ISLANDS

GRAND COURT

CAYMAN - PROCEDURE - STRIKE OUT - EMPLOYMENT - SHARE OPTION AGREEMENT - LOSS OF OPPORTUNITY TO ACQUIRE SHARES - SPECIFIC PERFORMANCE

The action was brought by Mr. Pinegar (the “Plaintiff”), a resident of the People’s Republic of China (“PRC”), against iSoftstone Holding Limited (“IHL”), a Cayman Islands company listed on the New York Stock Exchange. The Plaintiff claims damages for breach of his employment agreement with IHL’s subsidiary, an agreement which includes vested share option agreements provided through IHL.

The breach is alleged to have resulted in the loss of opportunity to connect IHL shares (acquired by exercise of options) into American Depository Shares (“ADSs”) and to acquire and track those ADSs to which the Plaintiff claims to have been entitled. Alternatively, the Plaintiff claims specific performance of the share option agreements, including the right of conversion to ADSs. IHL counterclaims for the sum of US$1,210,058.00 said to be due from the Plaintiff as withholding taxes arising from the exercise of certain of the vested share options. This is the amount which IHL claims it is liable, as counterparty to the share option agreements, to pay to the Revenue of the PRC.

 

To continue reading full articles in PDF format:
Seth Pinegar -v- iSoftstone Holding Limited Cause No. FSD 584 of 2012, per Smellie CJ (7 March 2014)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com