Chahal planned to sue his board for the way it handled the controversy and his dismissal as CEO. On Monday, Chahal and RadiumOne issued a joint statement that puts an end to their dispute.
The statement doesn’t exactly apologise to Chahal for the way everything went down, but it’s apparently good enough for both parties to move on.
“The Board had always intended Gurbaksh to lead the company, and recognises the enormous contributions he has made to RadiumOne,” the statement says. “The Board knows that many people, including Gurbaksh and his family, have suffered tremendously. The Board did not intend to hurt Gurbaksh or his family by its decision, and recognises that Gurbaksh’s termination made an already difficult situation for Gurbaksh and his family worse.” (Chahal’s father apparently has a heart condition he says was made worse by all the media backlash.)
Chahal’s troubles began last August, when he was arrested for allegedly beating a former girlfriend. Police say the assault was caught on a security tape in Chahal’s home.
The woman dropped the charges and the tape was unable to be used against Chahal because it was obtained illegally by police. Chahal ended up pleading guilty to two misdemeanours, which he says the board encouraged him to do to keep RadiumOne’s IPO plans on track.
But when the media learned of the initial charges against him, Chahal said the board pulled its support and fired him unexpectedly. Emails from the board published in CNN seem to support the claim. Chahal also alleges the board planned to dilute him heavily after his firing.
Presumably, RadiumOne and Chahal have reached a settlement. Here’s the joint statement:
SAN FRANCISCO, July 21, 2014 /PRNewswire/ — The statement released today reflects an agreement between RadiumOne and Gurbaksh Chahal to bring an end to all disputes they have had. It is in everyone’s best interests to move on from this difficult period of time to focus on building their respective businesses and prioritizing the needs of employees and customers.
From its inception in 2009, RadiumOne grew tremendously, and quickly became profitable and valuable, under the leadership of its founder and last CEO, Gurbaksh Chahal. The business priority last year was to continue to build a great company and prepare it for a potential IPO. When allegations were brought against Gurbaksh in August 2013, the Board maintained full support of an expedited closure of the legal process. RadiumOne board members along with many others supported Gurbaksh’s decision to accept a misdemeanour plea instead of continuing the long court process for full acquittal for the sake of the company, its employees, and its customers.
The Board had always intended Gurbaksh to lead the company, and recognises the enormous contributions he has made to RadiumOne. The Board knows that many people, including Gurbaksh and his family, have suffered tremendously. The Board did not intend to hurt Gurbaksh or his family by its decision, and recognises that Gurbaksh’s termination made an already difficult situation for Gurbaksh and his family worse.
Gurbaksh accepts the Board’s statement. To the Board and the hardworking, dedicated employees that have helped RadiumOne become the force that it is today, Gurbaksh extends his best.
Both the Board and Gurbaksh are thankful to have had this opportunity to resolve their disputes. Gurbaksh wishes the company the continued success that he knows is possible, and RadiumOne wishes Gurbaksh success in his pursuit of new opportunities.
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