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====Legal disputes involving InfoSpace====
====Legal disputes involving InfoSpace====
In May 2002, a small shareholder, Thomas Dreiling, of InfoSpace who brought a lawsuit against InfoSpace as well as then CEO Jain. The judge ruled in favor of the shareholder on a legal technicality for an amount of $247 million suggesting that Jain had bought InfoSpace stock within 6 months of selling the stock (short swing) . Language in documents prepared by J.P. Morgan Securities incorrectly put control of stock granted to Jain's children's trust funds in 1998 and 1999 in the Jains' account without the Jains' knowledge. The judge ruled that Jain had in essence "purchased" the stock for nothing while Jain had sold the $202 Million of stock within six months of this event that caused the stock to be considered a purchase. Jain argued that he didn't intend to take control of the trusts and blamed J.P. Morgan Securities, Inc., among others, for the mistake.[29][30]
After his time at InfoSpace, Jain and other executives at the company were accused of publishing misleading financial information and trading on insider information, in a class-action lawsuit.<ref name="seattleweekly">{{cite web|url=http://www.seattleweekly.com/2009-03-18/news/intelius-and-the-dubious-art-of-post-transaction-marketing|title=Intelius and the Dubious Art of "Post-Transaction Marketing"|publisher=[[Seattle Weekly]]|date=March 19, 2009|accessdate=June 7, 2011}}</ref><ref name="SeattlePI10">{{cite news|url=http://www.seattlepi.com/local/424853_settlement10.html|title='Deceptive' Intelius cheated thousands of people|publisher=''[[Seattle Post-Intelligencer]]''|date=August 9, 2010|accessdate=June 7, 2011|first=Chris|last=Grygiel}}</ref> In May 2002, a US District court ruled that Jain would have to pay an investor $247 million for buying low-cost shares, then selling them six months later at an inflated price, using insider information and misleading financial reporting.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|publisher=[[The Seattle Times]]|date=August 23, 2003|accessdate=June 7, 2011|first=David|last=Heath}}</ref><ref>{{cite news|url=http://www.seattlepi.com/default/article/Medina-millionaire-s-rep-takes-another-hit-with-895537.php|title=Medina millionaire's rep takes another hit with $1.3 million Intelius settlement|publisher=[[Seattle Post-Intelligencer]] |date=August 10, 2011|accessdate=June 7, 2011}}</ref> In appeals court, attorneys with the [[Securities and Exchange Commission]] urged the appeals court to reverse the ruling. In late 2004, InfoSpace reached a settlement agreement resolving the numerous related lawsuits, including the one involving Jain.<ref>{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002200298_dotcon3mainsec08.html|title=Unusual ally came to Jain's rescue: SEC|publisher=[[The Seattle Times]]|date=March 6–8, 2005|accessdate=June 7, 2011|first1=David|last1=Heath}}</ref><ref name="TS09">{{cite web|url=http://www.thestreet.com/story/10469309/1/court-turns-down-appeal-from-infospace-founder.html|title=Court turns down appeal from Infospace founder|publisher=[[TheStreet.com|The Street]]|date=September 3, 2009|accessdate=June 17, 2011}}</ref>


Following the settlement, Jain unsuccessfully sued his stock management company and lawyers. The [[Supreme Court]] in March 2009 refused to hear an appeal from Jain of the decision against him from the Washington state Court of Appeals.<ref name="TS09"/><ref>{{cite web|url=http://moconews.net/article/419-supreme-court-refuses-to-hear-infospace-founder-naveen-jains-appeal|title=Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal|publisher=mocoNews.net.|date=March 10, 2009|accessdate=June 17, 2011}}</ref>
Following the settlement, Jain unsuccessfully sued his stock management company and lawyers. The [[Supreme Court]] in March 2009 refused to hear an appeal from Jain of the decision against him from the Washington state Court of Appeals.<ref name="TS09"/><ref>{{cite web|url=http://moconews.net/article/419-supreme-court-refuses-to-hear-infospace-founder-naveen-jains-appeal|title=Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal|publisher=mocoNews.net.|date=March 10, 2009|accessdate=June 17, 2011}}</ref>

Revision as of 12:40, 20 March 2015

Naveen Jain
File:Naveen Jain.jpg
Business Executive, Entrepreneur
Born (1959-09-06) 6 September 1959 (age 64)
Alma materIIT Roorkee
XLRI
OccupationCEO of inome
Known forFounder and former CEO of Infospace
Websitehttp://www.naveenjain.com/

Naveen K. Jain (born 6 September 1959) is a business executive and entrepreneur. He is the founder and former of CEO of InfoSpace, founder and CEO of inome (originally called Intelius), and founder and Chairman of Moon Express. When Infospace stock was at its heights during the dot-com boom, Jain briefly became a billionaire.

Early life

Jain grew up in villages throughout Uttar Pradesh, as well as in cities such as New Delhi. Later he moved to Roorkee, where in 1979 he earned an engineering degree from the Indian Institute of Technology Roorkee, and then moved to Jamshedpur, where in 1982 he earned his MBA at XLRI School of Business and Human Resources.[1][2] He had an interest in space at an early age. After graduating with his MBA, his first job out of college was at Unisys in Silicon Valley. He got married in 1988 and moved to Seattle.[3]

Career

Early professional life

Jain left India in 1983 after being accepted to Burroughs via a business-exchange program to explore the emerging U.S. high-technology market. He worked at companies that included Convergent Technologies and Tandon Computer Corporation.[1][2][4]

In 1989, Jain joined Microsoft in Redmond, Washington, working in the capacity of Program Manager. He initially began working on OS/2 and then moved on to several of Microsoft's flagship products, including MS-DOS, Windows NT, and Windows 95. Jain is listed on three patents from his time with Microsoft.[5] He later moved to the development of the Microsoft Network. Jain left Microsoft in 1996 to form InfoSpace.[4]

InfoSpace

Jain founded InfoSpace in March 1996 and served as Chief Executive Officer until 2000. While CEO, Jain's personal worth rose to USD $8 billion in 2000.[6] He took the company public and within a few years it had a valuation of $30 billion.[3]

He resumed the role of CEO in 2001,[7] but was forced out by InfoSpace's board as chairman and CEO in December 2002.[8] In April 2003, he resigned from the InfoSpace board.[9]

In May 2002, a small shareholder, Thomas Dreiling, of InfoSpace who brought a lawsuit against InfoSpace as well as then CEO Jain. The judge ruled in favor of the shareholder on a legal technicality for an amount of $247 million suggesting that Jain had bought InfoSpace stock within 6 months of selling the stock (short swing) . Language in documents prepared by J.P. Morgan Securities incorrectly put control of stock granted to Jain's children's trust funds in 1998 and 1999 in the Jains' account without the Jains' knowledge. The judge ruled that Jain had in essence "purchased" the stock for nothing while Jain had sold the $202 Million of stock within six months of this event that caused the stock to be considered a purchase. Jain argued that he didn't intend to take control of the trusts and blamed J.P. Morgan Securities, Inc., among others, for the mistake.[29][30]

Following the settlement, Jain unsuccessfully sued his stock management company and lawyers. The Supreme Court in March 2009 refused to hear an appeal from Jain of the decision against him from the Washington state Court of Appeals.[10][11]

In early March 2003, InfoSpace sued Jain for allegedly violating noncompete agreements in his role at newly founded Intelius. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing.[8] The court found in favor of Jain citing no evidence to support InfoSpace's claim.[12][13]

Intelius

In 2003, Jain co-founded Intelius, a Bellevue, Washington-based Web security firm.[1][14] In 2012 Intelius and its holdings were restructured. The corporate umbrella was named "inome".[15]

Moon express

In August 2010,[16] Jain co-founded Moon Express,[17][18] a privately funded company that aims to build and launch a robotic spacecraft to the moon.[19][20][21]

Jain is the founder of The World Innovation Institute.[22]

Family

Jain is married and lives in Medina, Washington.[23] He has three children, Ankur, Priyanka and Neil.[24][25]

Ankur Jain graduated from the University of Pennsylvania in May 2011, and is working on a business venture that will connect entrepreneurs with innovative technologies with established businesses in foreign markets.[26]

References

  1. ^ a b c "Intelius' Naveen Jain Turns to Moon Mining, Philanthropy". IndiaWest.com. May 9, 2011. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  2. ^ a b Heath, David (March 8, 2005). "Dot-con Job: Part 1: Dubious Deals". The Seattle Times. Retrieved June 7, 2011.
  3. ^ a b http://www.cnbc.com/id/101531789
  4. ^ a b "Smarter than Bill". Red Herring. June 30, 1997. Retrieved June 7, 2011.
  5. ^ US patent 6357000  US patent 5655154  US patent 5434776 
  6. ^ "Entrepreneur Naveen Jain Put Together His Top-Flight Meteorite Collection At Warp Speed". Forbes. June 4, 2013. Retrieved December 4, 2014.
  7. ^ "INFOSPACE INC (Form: 8-K, Received: 01/23/2001 17:15:42". google.brand.edgar-online.com. Retrieved June 7, 2011.
  8. ^ a b "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. April 28, 2003. Retrieved June 7, 2011.
  9. ^ Cook, John; Richman, Dan (May 16, 2003). "Former InfoSpace CEO faces $200 million fine". Seattle Post-Intelligencer. Retrieved June 7, 2011.
  10. ^ Cite error: The named reference TS09 was invoked but never defined (see the help page).
  11. ^ "Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal". mocoNews.net. March 10, 2009. Retrieved June 17, 2011.
  12. ^ "Court Sides with Former Infospace CEO.(Naveen Jain)(Brief Article)". Computergram International. January 16, 2004. Retrieved August 23, 2011.
  13. ^ "InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets". The Economic Times. May 29, 2003. Retrieved August 23, 2011.
  14. ^ "Intelius Says it's Capable of Conducting a Full Background Check on Anyone". Seattle Weekly. April 11, 2007. Retrieved June 7, 2011.
  15. ^ Cook, John (June 10, 2012). "Meet Inome: The latest thing to sprout from Naveen Jain". GeekWire. Retrieved Dec 5, 2014.
  16. ^ Chow, Denise. "A 'Mine in the Sky': Moon Express Co-Founder's Lunar Ambitions". Space.com. Retrieved March 16, 2012.
  17. ^ Caulfield, Brian. "Naveen Jain: 'Think Of The Moon As Just Another Continent'". Forbes. Retrieved August 16, 2011.
  18. ^ "Moon Express Announces First Successful Flight Test of Lunar Lander System Developed With NASA Partnership". Moon Express. Retrieved August 16, 2011.
  19. ^ Knafo, Saki (July 22, 2011). "The New Space Biz: Companies Seek Cash In The Cosmos". Huffington Post. Retrieved August 16, 2011.
  20. ^ "Moving the heaven to get some rare earth". Chennai, India: The Hindu. June 2, 2011. Retrieved June 7, 2011.
  21. ^ Hennigan, W.J. (2011-04-08). "MoonEx aims to scour moon for rare materials". Los Angeles Times. Retrieved 2011-04-10.
  22. ^ "The Ideas Economy". Economist. 2012. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  23. ^ "World's Business Leaders – Forbes 400". Forbes. 2000. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  24. ^ "Singularity University Appoints Visionary Philanthropist and Entrepreneur Naveen Jain to Board of Trustees". Singularity University. Retrieved August 16, 2011.
  25. ^ "The Naveen & Anu Jain Family Foundation - About". Retrieved August 16, 2011.
  26. ^ "Ankur Jain, Founder of Kairos Society". Inc.com accessdate=August 16, 2011. {{cite web}}: Missing pipe in: |publisher= (help)

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