Mon, Sep. 15, 2003
MICHAEL LIEDTKE
Associated PressSAN FRANCISCO - A Covad Communications Group co-founder who was fired as general counsel retaliated Monday with a lawsuit alleging the high-speed Internet service provider's board is riddled with conflicts of interest that have betrayed shareholders for years.
Dhruv Khanna, who co-founded Covad in 1996, had been pressuring Covad to address his concerns for more than a year before concluding he had to expose the alleged misconduct in a lawsuit, said his attorney, Jay Eisenhofer.
Santa Clara-based Covad fired Khanna earlier this year, ignoring the high marks the executive received in his annual review, according to the suit.
Although he no longer works for Covad, Khanna ranks as the company's largest individual shareholder, with a 2.3 percent stake in the business, according to Securities and Exchange Commission documents.
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