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Robinson v. Glynn | 349 F.3d 166 (2003)
Do you understand the latest cellphone technology? If not, why would you invest in a cellphone technology developer? That's just what James Robinson did, even though he was no techie and didn't understand the technology. And as we'll see in Robinson versus Glynn, he may not have understood federal securities law, either.
Robinson loaned Thomas Glynn a million dollars to invest in Glynn's limited liability company, which was risking its future on the success of GeoPhone, its new telecommunications system, GeoPhone couldn't work without what Glynn called CAMA technology. When Glynn announced that GeoPhone had passed its field test, Robinson gave the LLC an additional fourteen million dollars. In return, Robinson took a one-quarter interest in the LLC's equity, which the investment instrument described as shares and securities. Robinson became the company treasurer, an influential director controlling three of the board's ten seats, and a member of the company's powerful executive committee.
A few months later, Robinson accused Glynn of mismanaging GeoPhone funds, and sued Glynn in state court. To settle the suit, Robinson bought out Glynn's remaining seventy-five percent equity interest, but not before hiring an outside engineer to assess the workability of GeoPhone's design.
Now in full control, Robinson received regular reports on GeoPhone's progress. He grilled his experts. Based on what he picked up from them, he told the board that he doubted whether GeoPhone could succeed. It just confirmed his fears to find out that CAMA had fallen by the wayside and that, without CAMA, GeoPhone could never work. So he sued Glynn for securities fraud, in both state and federal courts. When a district court dismissed his federal case, Robinson appealed to the Fourth Circuit.
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