SHARON, PA. Stockholder files lawsuit against biotechnology firm

SHARON, Pa. -- A founder, stockholder and former board chairman and researcher for Infectech, a Sharon biotechnology company, filed a lawsuit asking a Delaware court to order company officials to schedule a stockholders' meeting.
The suit, filed by Dr. Robert Ollar of Milford, Pa., says stockholders haven't met since 1998.
Among other complaints, Ollar's lawsuit claims the company delayed announcing the resignation of several top executives in April and that it is three years behind in filing several mandatory filings with the federal Securities and Exchange Commission. The lawsuit was filed in Delaware because Infectech was incorporated there.
Infectech announced last week that a petition for involuntary bankruptcy filed by a group of employees had been dismissed by the Western District of Pennsylvania United States Bankruptcy Court. Ollar was one of those seeking to force the company into bankruptcy.
Dr. Mitchell Felder, president, chief executive and treasurer of Infectech, said the company disputes all allegations in the lawsuit and is considering legal action to counter it. He said Ollar is "disgruntled" that the bankruptcy petition was dismissed and said the lawsuit's claims are "malicious, fraudulent and libelous." Dr. Ollar could not be reached.
Shares of Infectech stock, which began trading in 2000 at $2 a share, have been trading at 12 cents.