Former DRX head files lawsuit

Robert Clarke, former president of DRX (NASDAQ), has filed a lawsuit seeking to invalidate the election of a slate of directors at the company’s recent shareholder meeting in Delaware,. DRX is a precious metals exploration company active in the U.S. and in certain Pacific Islands of Micronesia. In his complaint which cites a number of securities violations, Clarke alleges that the March 27 meeting was invalid because of material omissions in the proxy statement and because the meeting was not properly called.

FennoScandia, a consortia bank owned equally by Swedbank of Sweden and Skopbank of Finland, was named as a defendant as were a number of current and former directors of DRX or its affiliates.