Just two weeks after announcing the appointment of Patrick Abbott as vice president of its nascent North American operation, graphene specialist Versarien (VRS) has confirmed that the State of Texas is bringing criminal proceedings against the former US Marine Corps officer. Versarien's shares fell as much as 8 per cent in morning trading following the announcement.
Mr Abbott has had charges brought against him. According to Versarien chief executive Neill Ricketts, the proceedings have been previously dismissed on a number of occasions. Mr Ricketts said, "Patrick is convinced that he's innocent". Mr Abbott has denied any wrongdoing and contests the allegations.
Versarien has recently established its new US corporate entity, Versarien Graphene Inc, to carry out its graphene and other 2D activities in the US. It is also currently setting up a new office, laboratory facility and applications centre in Houston, Texas, that will act as its North American hub. Mr Abbott was chosen to oversee its expansion here, and his appointment was announced on 21 March.
The Versarien board has agreed to let Mr Abbott continue in his role. A spokesperson for the company would not confirm the nature of the proceedings brought against him, but said that Versarien was aware of them before he was appointed. "They are satisfied that in the current situation is he still in a position to deliver real value to the business," the spokesperson added.