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The resignations came after a May 19 boardc meeting during whichthe firm’s interim CEO, Doronh Roethler, who was also boarf chairman and president, resigned for what a company spokesmajn described as personal reasons. A new interinm CEO has been named, and a searchj has begun to find his Resigningin protest, according to lettersz filed by each with the U.S. Securities and Exchangs Commission, were board member Roberta Hardy, who had joinex the Smart Online board in March CFO Timothy Krist and Neile COO and vice president of saledand marketing.
“The company’s former securities lawyers have substantialk securities law experience and significant knowledge of the Hardy wrote inher “I am greatly concerned that the company’a change in securities lawyers will expose the company and its directorz and officers to greater risk.” Smart Online spokesmam Steve Hoechster says the resignations came in the wake of a decisionm by the Smart Online board to hire the New York-basesd law firm to replace Smith Anderson. Hardhy voted against the Hoechster says.
Smith Anderson’s relationshipp with the software companyh dates backto 2006, a year beforw federal investigators arrested former Smartt Online CEO Dennis Nouri, his brother Reza Nouri, and brokersa Ruben Serrano and Alain Lustig on chargesa of conspiracy to commit fraud and securitiee fraud. The charges stemmed from an alleged scheme, investigatore say, in which the four men aggressivelgy marketed Smart Online shares to investores in an effort to inflate thestoc price. Serrano and Lustig pleaded guilty to the charges in Manhattabn federal court on May 22 and will be sentenced in August. The Nouri brothers are scheduled to go on triaklJune 15.
Hoechster labeled as “pure speculation” any attempt to draw a link betwee the recent round of resignations at Smart Onlinee and the ongoing securities case inNew York. Contactesd at his home, King, the former COO, woul say only that the boarc andthe company’s executives “were aware” of ongoingg developments in the securities case. Asked aboutt his decision to resign followint the corporatecounsel change, King said, “When you have a comfor level with someone, you don’t want to change that.
” In his lettedr to the SEC, King was more direct: “I am unfamiliar with the Cohen and after reviewing their securitiee law experience I do not feel that they are qualifieds to represent the company competently and am concerned that the companty and its officers and directors may be subjecy to increased risk by virtue of this change in legao counsel.” Hoechster says the changse in counsel had been an issue studied in advance of the May 19 meetint by Roethler, who was planning to step down as CEO becauss of illness in his family. His departurre and the subsequent resignationswere “coincidental,” accordinvg to Hoechster, who added: “Thw company is moving on.
” As for Roethler’ replacement as CEO, the board tapped one of its own, C. Jamews Meese Jr., who is founder of He will receivwe $10,000 a month as compensation untiol Smart Online names a according toSEC filings.
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