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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… A war of words, and possible legal battle, is heating up between the former CEO, and current board and management of electronic trading solutions provider TradingScreen.
We first reported two weeks ago on a (supposed) lawsuit filed by former TradingScreen CEO Philippe Buhannic against the Chairman of his former employer. Mr. Buhannic has set up a website called TS Shareholders at ts-shareholders.com, which he has used to issue a number of statements making very severe allegations against TradingScreen Chairman Giampiero Grandi and current CEO Pierre Schroeder. We also published a response issued by TradingScreen, refuting Mr. Buhannic’s allegations.
Well, Round 2 has begun, with a new statement published yesterday by Mr. Buhannic on his ts-shareholders.com site, alleging misappropriation of corporate assets and calling for a “change in leadership” at the company.
We now have a statement from TradingScreen management, once again refuting Mr. Buhannic’s claims. TradingScreen calls Mr. Buhannic’s allegations a “departure from reality”, and confirms that he was dismissed for cause following an incident in which he, in front of six witnesses, struck an employee at a sales meeting, and later tried to cover it up.
The TradingScreen statement follows:
We are deeply saddened to witness former CEO Philippe Buhannic’s continued departure from reality, as seen in his latest invective issued against the company and its leadership. It is yet another of his string of reckless and baseless attacks against the company, including several legal actions – not a one of which has been successful – seeking to reinstate himself in his former role at the company after he was dismissed for cause by TradingScreen’s Board of Directors in June 2016, after hitting an employee, attempting to cover it up, and other malfeasance.
First, he is seriously misrepresenting himself. He neither represents nor controls the majority of TradingScreen’s shareholders. Second, he most assuredly did strike an employee at a sales meeting on April 25, 2016, in front of six witnesses. This fact has been thoroughly confirmed by a formal investigation conducted by the company’s outside counsel. The investigation included sworn affidavits by the victim and each of the other employee observers describing Mr. Buhannic’s indefensible and unprovoked behavior in explicit detail.
Initially, Mr. Buhannic was only put on temporary leave. But when he openly defied the Board’s actions, challenged its authority and composition (which challenge was defeated by legal action in Delaware Chancery Court), and attempted to intimidate witnesses – and additional acts of serious misconduct were discovered – his employment with the company was terminated.
Mr. Buhannic’s continued and escalating allegations constitute defamation of the company and its leadership, and are testimony to his unraveling connection to reality – and the truth. The company will continue to vigorously contest these lies, defend itself against his baseless attacks, and advocate for the truth in both the courts of law and of public opinion. Just because he asserts something does not make it so.
TradingScreen is committed to continue to innovate and deliver to its clients the highest quality electronic trading products and services available. We will allow nothing to stand in the way of our commitment.