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American HomeHealth shareholders sue to get money back

Shareholders of St. Petersburg's American HomeHealth Inc., out millions of dollars when the private consumer health products company fizzled last year, are suing to get their money back. The company presided over one of the region's most dramatic financial rises and falls. Its product launch with a Super Bowl ad in 2006 was followed within months by insolvency. Citing violations of Florida securities laws, about 60 shareholders, including St. Petersburg's Bankers Insurance Corp., sued American HomeHealth and founder Raul "Ruly" Lora. Lora's time as company president coincided with purchases of expensive cars, a diamond ring and a waterfront condo. The lawsuit cites an "utter failure to exercise appropriate business judgment." The suit was filed Jan. 28, but has dragged as Lora and shareholders argue whether the case should be heard in state or federal court.

American HomeHealth shareholders sue to get money back 04/14/08 [Last modified: Tuesday, April 15, 2008 5:07pm]
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