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Amazon suit over stock sale is tossed

July 01, 2009|Times Wire Reports

Amazon.com Inc., the world's biggest Internet retailer, can't sue software maker Basis Technology Corp. on claims that it improperly sold preferred stock to a CIA-sponsored venture capital firm, a judge ruled.

Delaware Chancery Court Judge John Noble threw out Amazon's claims that Basis wrongfully sold 1.6 million preferred shares to In-Q-Tel Inc. Amazon's lawsuit "does not state a claim for breach of" the preferred-share agreement, Noble concluded in a 13-page decision.

In-Q-Tel was set up in 1999 with help from the CIA to invest in companies that provide tools for intelligence collection, including software.

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