Force Protection shareholders sue for mismanagement

Three shareholders of Ladson-based armored vehicle manufacturer Force Protection Inc. are suing a group of the company's current and former executives, alleging their mismanagement caused the company's stock value to tumble and damage its reputation in the marketplace.

The lawsuit accuses the nine executives of breach of fiduciary duty, insider trading and misappropriation of information, gross mismanagement, waste of corporate assets, and abuse of control.

Officials at Force Protection could not be reached for comment Wednesday afternoon.

Named as defendants are current Chief Executive Officer, President and Chairman Michael Moody, plus current directors Jack A. Davis, Roger G. Thompson Jr. and John S. Day. Former Chairman Frank Kavanaugh, and former executives R. Scott Ervin, Gordon R. McGilton, Michael S. Durski and Raymond Pollard also are named.

The shareholders are suing the executives on behalf of Force Protection, which means any monetary award ordered by the court will be paid to Force Protection, not the three stockholders.

Read more in tomorrow's editions of The Post and Courier.