Heat Shrink Innovations, LLC, should pay Medical Extrusions Technologies – Texas, Inc. almost $700,000 for theft of trade secrets and breach of fiduciary duty.
Denton, Texas (PRWEB) February 02, 2012
Hammerle Finley Law Firm is publishing for immediate release recent Denton County courtroom results. In a closely- watched case, a Denton County jury has decided that defendant Kevin Wolfe and his new company, Heat Shrink Innovations, LLC, should pay Medical Extrusions Technologies – Texas, Inc. almost $700,000 for theft of trade secrets and breach of fiduciary duty.
The Plaintiff alleged in its petition filed in the 367th District Court, Cause No. 2011-50408-367, that Kevin Wolfe, who had worked for 5 years as general manager for a FEF heat shrink tubing manufacturer Medical Extrusions Technologies-Texas, Inc., located in Lewisville, Texas.
In 2010, Wolfe decided that he wanted to start a competing business, Heat Shrink Innovations, LLC, in Carrollton, Texas. The jury found that Wolfe took trade secrets belonging to METT, and breached his fiduciary duty to METT. The jury also found that Wolfe’s new employer, Heat Shrink Innovations, LLC, participated in the breach of fiduciary duty and conspired with Wolfe and his wife, also a former employee of METT, to harm METT.
Among the allegations was that Wolfe had used METT’s internal financial data to obtain an SBA-backed loan for his new company. Evidence also showed that Wolfe had induced a managerial employee of one of METT’s largest clients to invest in HSI and to move the client’s account to HSI.
After secretly working on the new business venture for more than a year, Wolfe and his wife sent notice of their immediate resignations in a one-line email to METT’s president in late April and started openly working for HSI.
METT obtained a temporary injunction against Wolfe, his wife and HSI shortly thereafter.
The Plaintiff was represented by Lewisville Tx business attorneys Virginia Hammerle and Craig Price of Hammerle Finley Law Firm.
About Hammerle Finley:
Founded in 1984 in Denton County, Texas, Hammerle Finley offers clients a standard of quality, level of responsiveness and measure of value that are second to none. We address a broad range of legal issues, from business entity formation to guardianship, divorce & family law to oil & gas law, collections to criminal defense. We strive to represent our clients in all types of legal matters, whether they be complex, mulit-million dollar business litigation, probate of a will, small business employee disputes, custody disputes or felonies. For attorneys who are located elsewhere, our attorneys often serve as local counsel in the Dallas, Denton, Collin and Tarrant Federal and State Courts, an arrangement recommended by the courts’ local rules.
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