Naveen Jain: Difference between revisions

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Absolutely needs a section heading - currently more than half the "InfoSpace" section, yet only tangentially related - do we need a better name for subsection?
→‎Shareholder lawsuit: this "source" looks like a copy-paste of an AP article plus someone's opinion. not an RS
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While the case was in appeal, attorneys at the [[Securities and Exchange Commission]] urged the appeals court to reverse the ruling. Under that unusual pressure, attorneys representing InfoSpace shareholders agreed to settle the case, with the judgment against Jain reduced to $65 million, adjusted to $83 million, and finally settled at $105 million as of March 2009. <ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; [http://seattletimes.nwsource.com/html/businesstechnology/2002200298_dotcon3mainsec08.html ''Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC''], [[The Seattle Times]]'', 2005</ref><ref>[http://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm Settlement Agreement Reached In Infospace Derivative Case, Section 16(B) Case, and Certain Related Cases Brought By the Jains ] InfoSpace Press Release. 22 December 2004.</ref>
While the case was in appeal, attorneys at the [[Securities and Exchange Commission]] urged the appeals court to reverse the ruling. Under that unusual pressure, attorneys representing InfoSpace shareholders agreed to settle the case, with the judgment against Jain reduced to $65 million, adjusted to $83 million, and finally settled at $105 million as of March 2009. <ref name="SeattleTimes4">Heath, David; Pian Chan, Sharon; [http://seattletimes.nwsource.com/html/businesstechnology/2002200298_dotcon3mainsec08.html ''Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC''], [[The Seattle Times]]'', 2005</ref><ref>[http://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm Settlement Agreement Reached In Infospace Derivative Case, Section 16(B) Case, and Certain Related Cases Brought By the Jains ] InfoSpace Press Release. 22 December 2004.</ref>


Following the settlement, Jain unsuccessfully sued [[JPMorgan Chase|J.P. Morgan Securities, Inc.]]; its lawyer, [[Wilson Sonsini Goodrich & Rosati|Wilson Sonsini Goodrich & Rosati, P.C.]], and [[Perkins Coie]] — which jointly represented Jain and [[Bellevue, Washington]]-based InfoSpace from 1998 to mid-2003. Jain accused the securities professionals of negligence, but lower courts dismissed Jain's complaints, citing federal law which prohibits lawsuits blaming security companies for risky trades. The [[Supreme Court]] in March 2009 refused to hear an appeal from Jain of a decision against him from the Washington state Court of Appeals. Jain and his wife Anuradha had accused the defendants of being responsible for language in InfoSpace's initial public offering prospectus that contained errors, which ultimately played a part in the $247 million judgment against Jain.<ref name="TheStreet">[[The Associated Press]]. [http://www.thestreet.com/story/10469309/court-turns-down-appeal-from-infospace-founder.html Court turns down appeal from Infospace founder], [[thestreet.com]]. Mar 9, 2009.</ref><ref>Tricia Duryee. [http://moconews.net/article/419-supreme-court-refuses-to-hear-infospace-founder-naveen-jains-appeal/ Supreme Court Refuses To Hear InfoSpace Founder’s Insider-Trading Appeal ] mocoNews.net. Mar 10, 2009.</ref>
Following the settlement, Jain unsuccessfully sued [[JPMorgan Chase|J.P. Morgan Securities, Inc.]]; its lawyer, [[Wilson Sonsini Goodrich & Rosati|Wilson Sonsini Goodrich & Rosati, P.C.]], and [[Perkins Coie]] — which jointly represented Jain and [[Bellevue, Washington]]-based InfoSpace from 1998 to mid-2003. Jain accused the securities professionals of negligence, but lower courts dismissed Jain's complaints, citing federal law which prohibits lawsuits blaming security companies for risky trades. The [[Supreme Court]] in March 2009 refused to hear an appeal from Jain of a decision against him from the Washington state Court of Appeals. Jain and his wife Anuradha had accused the defendants of being responsible for language in InfoSpace's initial public offering prospectus that contained errors, which ultimately played a part in the $247 million judgment against Jain.<ref name="TheStreet">[[The Associated Press]]. [http://www.thestreet.com/story/10469309/court-turns-down-appeal-from-infospace-founder.html Court turns down appeal from Infospace founder], [[thestreet.com]]. Mar 9, 2009.</ref>


=== Intelius ===
=== Intelius ===

Revision as of 23:40, 18 May 2011

Naveen Jain
File:Naveen Jain .jpg
Business Executive, Philanthropist
Born (1959-09-06) September 6, 1959 (age 64)
Occupation(s)Co-Founder and CEO, Intelius
Co-Founder,
Moon Express
Founder and Ex-CEO, Infospace
WebsiteNaveen Jain

Naveen K. Jain (born 6 September 1959) is a business executive and entrepreneur. He is the founder of InfoSpace, Intelius, and Moon Express. During the Dot-com bubble in 2000, Forbes ranked Jain 121[1] on their list of 400 Richest Americans with a net worth of 2.2 billion dollars.

Background

Jain grew up in villages throughout Uttar Pradesh, one of India's most populated provinces, known for it's low level of literacy, and in New Delhi, India. Later moving to Roorkee where in 1979 he earned an engineering degree from Indian Institutes of Technology and then moving to Jamshedpur where in 1982 he earned his MBA at XLRI School of Business and Human Resources[2][3]

Professional background

Early professional life

Jain left India in 1983 after being excepted 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.[3][4][5][2]

Microsoft and MSN

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.[6]). 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. InfoSpace provides metasearch and private-label Internet search services for consumers and businesses. While CEO, Jain was featured in several business publications with topics ranging from his personal worth (almost one billion dollars in 1999) to his manic demeanor and personality quirks.[4][7][8] By 2000, Naveen was ranked 121 on the Forbes 400 Richest Americans, with a net worth of USD$2.2 billion.[9]

He resumed the role of CEO in 2001,[10] but was forced out by InfoSpace's board as chairman and CEO in December 2002. He remained a member of the board until 2003, when he resigned.

InfoSpace, in early March 2002, sued Jain for allegedly violating noncompete agreements. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing.[11]

Shareholder lawsuit

In May 2002, U.S. District Judge Marsha Pechman made a landmark $247 million ruling in favor of Thomas Dreiling, a small shareholder of InfoSpace who brought a lawsuit against Jain under the Securities and Exchange Act of 1934 for purchasing shares of Infospace in violation of six month short swing insider trading rules. The case centered on Jain taking control of stock he had given to trust funds for his children in 1998 and 1999. He later gave the shares back to the trusts. The judge ruled that Jain has in essence "purchased" the stock for nothing. During that same period, Jain sold $202 million worth of stock. 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.[12][13]

While the case was in appeal, attorneys at the Securities and Exchange Commission urged the appeals court to reverse the ruling. Under that unusual pressure, attorneys representing InfoSpace shareholders agreed to settle the case, with the judgment against Jain reduced to $65 million, adjusted to $83 million, and finally settled at $105 million as of March 2009. [14][15]

Following the settlement, Jain unsuccessfully sued J.P. Morgan Securities, Inc.; its lawyer, Wilson Sonsini Goodrich & Rosati, P.C., and Perkins Coie — which jointly represented Jain and Bellevue, Washington-based InfoSpace from 1998 to mid-2003. Jain accused the securities professionals of negligence, but lower courts dismissed Jain's complaints, citing federal law which prohibits lawsuits blaming security companies for risky trades. The Supreme Court in March 2009 refused to hear an appeal from Jain of a decision against him from the Washington state Court of Appeals. Jain and his wife Anuradha had accused the defendants of being responsible for language in InfoSpace's initial public offering prospectus that contained errors, which ultimately played a part in the $247 million judgment against Jain.[16]

Intelius

In 2003, Jain co-founded Intelius, a Bellevue, Washington-based Web security firm with annual revenues of $150 million and more than 350 employees.[2] Intelius specializes in public records information and offers service to consumers and businesses which include background checks and identity theft protection. Co-founders include John Arnold, Ed Petersen, Kevin Marcus, Niraj Shah, and Chandan Chauhan.[17][18]

Moon Express

In April 2011, Jain, Barney Pell, and Robert “Bob” Richards, co-founded Moon Express, a Mountain View, California based company that plans to mine the moon for it's rare minerals. The company was awarded a $10M commercial lunar contract by NASA and is a competitor in the Google Lunar X PRIZE.[2][19]

Personal life

Jain is married and has three children. He lives in Medina, Washington.

References

  1. ^ Forbes 400, 2000, Forbes. Visited on May 16th, 2011.
  2. ^ a b c d "Intelius’ Naveen Jain Turns to Moon Mining, Philanthropy, indiawest.com", May 09, 2011
  3. ^ a b Heath, David; Pian Chan, Sharon; Dot-con Job: Part 1: Dubious Deals, The Seattle Times, 2005
  4. ^ a b c Smarter than Bill, Red Herring, June 30, 1997
  5. ^ Intelius, Inc. Executive Profile: Naveen Jain Businessweek.com. Accessed 31 December 2010.
  6. ^ US patent 6357000  US patent 5655154  US patent 5434776 
  7. ^ "Skill Shop". The Financial Express. 26 Oct 1999. Archived from the original on Jun 02, 2008. Retrieved 18 August 2010. {{cite web}}: Check date values in: |archivedate= (help)
  8. ^ Techno-poet who is smarter than Bill Gates Sunday Business. 28 May 2000
  9. ^ "Forbes 400 Richest in America 2000". Retrieved 2008-03-02.
  10. ^ http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=39251&SessionID=kXRfHqxOZWy6c27
  11. ^ "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. April 28, 2003.
  12. ^ Heath, David (23 August 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". Seattle Times. Retrieved 24 February 2010.
  13. ^ Hicks, Joshua Adam. Medina millionaire's rep takes another hit with $1.3 million Intelius settlement Seattle Post-Intelligencer. 11 August 2010.
  14. ^ Heath, David; Pian Chan, Sharon; Dot-con Job: Part 3: The Aftermath - Unusual ally: SEC, The Seattle Times, 2005
  15. ^ Settlement Agreement Reached In Infospace Derivative Case, Section 16(B) Case, and Certain Related Cases Brought By the Jains InfoSpace Press Release. 22 December 2004.
  16. ^ The Associated Press. Court turns down appeal from Infospace founder, thestreet.com. Mar 9, 2009.
  17. ^ "Intelius, Inc". Retrieved 2007-04-13.
  18. ^ Nina Shapiro (April 11, 2007). "Intelius Says it's Capable of Conducting a Full Background Check on Anyone". Seattle Weekly. Retrieved 2007-04-13. {{cite journal}}: Cite journal requires |journal= (help)
  19. ^ "MoonEx aims to scour moon for rare materials". Los Angeles Times. 2011-04-08. Retrieved 2011-04-10. MoonEx's machines are designed to look for materials that are scarce on Earth but found in everything from a Toyota Prius car battery to guidance systems on cruise missiles. ... The company is among several teams hoping to someday win the Google Lunar X Prize competition, a $30-million race to the moon in which a privately-funded team must successfully place a robot on the moon's surface and have it explore at least 1/3 of a mile. It also must transmit high definition video and images back to Earth before 2016. ... should be ready to land on the lunar surface by 2013

External links


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