HTP Inc v. First Merit Group Holdings Inc

CourtDistrict Court, W.D. Washington
DecidedFebruary 21, 2023
Docket2:21-cv-00732
StatusUnknown

This text of HTP Inc v. First Merit Group Holdings Inc (HTP Inc v. First Merit Group Holdings Inc) is published on Counsel Stack Legal Research, covering District Court, W.D. Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
HTP Inc v. First Merit Group Holdings Inc, (W.D. Wash. 2023).

Opinion

6 IN THE UNITED STATES DISTRICT COURT 7 FOR THE WESTERN DISTRICT OF WASHINGTON AT SEATTLE 8

9 HTP, INC.,

10 Plaintiff, No. 2:21-cv-00732-BJR 11 v. ORDER GRANTING IN PART AND 12 FIRST MERIT GROUP HOLDINGS, INC., et DENYING IN PART DEFENDANTS’ al., MOTION TO DISMISS 13 Defendants. 14

15 I. INTRODUCTION 16 Plaintiff HTP, Inc. (“HTP” or “Plaintiff”) brought this lawsuit against Defendants First 17 18 Merit Group Holdings, Inc. (“FMG”), NanoGen Technologies Group, Inc. (“NanoGen”), Barry 19 Lee, Anthony Dutton, and David Richardson (the “Individual Defendants,” and collectively, 20 “Defendants”), asserting various claims arising from HTP’s alleged loss of a business opportunity 21 relating to certain emission control technology that it had developed. Presently before the Court 22 is Defendants’ motion to dismiss Plaintiff’s Complaint pursuant to Rule 12(b)(6) of the Federal 23 Rules of Civil Procedure. Dkt. 52. Having reviewed the pleadings, the record of the case, and the 24 relevant legal authorities, the Court GRANTS in part and DENIES in part the motion. The Court’s 25 26 reasoning is set forth below.

ORDER - 1 1 II. BACKGROUND 2 A. Factual Background1 3 Since 2012, HTP has focused on developing diesel engine emission control technology for 4 use in increasing internal combustion engines’ fuel efficiency and decreasing their greenhouse gas 5 emissions. Compl. ¶ 9. Evan Johnson, who became HTP’s chief technology officer in 2015, had 6 been primarily responsible for developing HTP’s Internal Combustion Assistance technology 7 (“ICA Technology”), which is a product designed to enhance diesel engine performance through 8 9 the injection of hydrogen gas. Id. ¶¶ 9-11. In June 2018, in need of funds to continue developing 10 the ICA Technology and related technologies, HTP entered into a joint venture agreement with JC 11 Aviation Investments, LLC (“JCAI”) concerning the formation of a new entity, HyTech Power, 12 LLC (“HyTech”). Id. ¶ 12. HTP, in exchange for a 48% ownership interest in HyTech, assigned 13 all of its interests in those technologies to HyTech. Id. JCAI, in exchange for a 52% interest, 14 contributed “money, contacts, and know how” to that entity. Id. Johnson’s employment with HTP 15 16 thereafter ceased, and he became HyTech’s chief technology officer. Id. ¶ 13. 17 HyTech began to experience financial difficulties in late 2019, leading HTP and JCAI to 18 run into conflict over how to secure additional funding for the entity. Compl. ¶ 18. In early 2020, 19 following the sudden death of JCAI’s sole owner, HTP began to formulate its own plan to raise 20 sufficient funds to buy out JCAI’s interest in HyTech – thereby repurchasing the rights to the ICA 21 Technology – and continue developing the technology itself. Id. ¶¶ 20-21. To that end, HTP 22 engaged FMG, Barry Lee (one of FMG’s owners), and Anthony Dutton (a senior manager at FMG) 23 24 to value the technology and solicit investments on HTP’s behalf. Id. ¶¶ 3-4, 21. 25 26 1 The facts recited below are taken from Plaintiff’s Complaint (“Compl.,” Dkt. 1). For the purposes of the present motion, the Court takes the factual allegations in the Complaint as true. ORDER - 2 1 Meanwhile, Johnson continued to develop the ICA Technology and test units of that 2 technology (“ICA Units”) with potential purchasers. Compl. ¶¶ 17, 22. Johnson’s employment 3 with HyTech ended in April 2020, but staying on as an HTP director, he began in May 2020 to 4 test ICA Units with Nabors Industries, Ltd. (“Nabors”), an oil and gas drilling company. Id. ¶¶ 5 17, 23, 25. Those tests were successful, and Nabors became interested in purchasing ICA Units 6 and forming a strategic alliance for purposes of further advancing the technology. Id. ¶¶ 26-27. 7 In June 2020, Johnson and HTP presented that opportunity (the “Nabors Opportunity”) to 8 9 HyTech’s board of directors as a way to resolve HyTech’s need for additional funding. Id. ¶ 29. 10 HyTech’s JCAI-appointed directors, however, were uninterested in the Nabors Opportunity. Id. 11 Confronted with JCAI’s disinterest in the Nabors Opportunity, HTP moved to purchase 12 JCAI’s interest in HyTech. FMG, Dutton, and Lee advised HTP to leverage the Nabors 13 Opportunity in order to promote the investments necessary to complete the HyTech buyout. 14 Compl. ¶ 36. Plaintiff alleges that, during this period, HTP and Johnson disclosed to FMG, Lee, 15 16 and Dutton various confidential information about the technologies at issue and the synergies 17 between those technologies and Nabors’ operations. Id. ¶ 35. FMG, Dutton, and Lee then 18 formulated a plan in which HTP would (1) negotiate with JCAI to purchase its interest in HyTech, 19 and thereby reacquire the ICA Technology; (2) raise funds for that acquisition through a special 20 purpose vehicle (“SPV”) owned by FMG2; and (3) negotiate with Nabors towards an agreement 21 to purchase ICA Units and form a strategic alliance with HTP. Id. ¶ 37. HTP agreed to that plan, 22 and tasked FMG with negotiating directly with Nabors on HTP’s behalf. Id. ¶ 38. Pending the 23 24 plan’s consummation, several entities and individuals – including, FMG, Dutton, Lee, David 25

26 2 The SPV, at the time, was a shell company owned by FMG and registered in Canada. Compl. ¶ 36. Plaintiff alleges that HTP and FMG agreed that, if the FMG-formulated plan were successful, FMG would retain a 25% interest in the SPV as compensation for its efforts, and HTP would own the remaining 75% stake. Id. ¶¶ 38-39. ORDER - 3 1 Richardson (a public relations professional working with FMG), and HTP’s prior lender – agreed 2 to fund Johnson’s efforts in further developing the technology. Id. ¶¶ 5, 41. 3 In July 2020, HTP and JCAI began negotiating a deal for the purchase of JCAI’s interest 4 in HyTech, and by August 2020, they had reached a tentative agreement as to the price and other 5 essential terms of the deal. Compl. ¶ 44. By that point, negotiations with Nabors – in which 6 Richardson had then become involved, acting on HTP’s behalf – had also made significant 7 progress. Id. ¶¶ 44, 46. In particular, Nabors had expressed a willingness to purchase a large 8 9 number of ICA Units and fund further testing of the technology through the proposed alliance. Id. 10 While Nabors conditioned that deal on Johnson’s successful completion of certain fuel-efficiency 11 tests – which conflicted with JCAI’s demands as to the timing of HTP’s payment for its HyTech 12 equity – FMG, Dutton, Lee, and Richardson devised a plan to resolve JCAI’s and Nabors’ 13 concerns.3 Id. ¶¶ 46-50. 14 Unbeknownst to HTP, while Johnson was performing his testing, FMG, Dutton, Lee, and 15 16 Richardson had begun negotiating with Nabors to secure the Nabors Opportunity for FMG. 17 Compl. ¶ 52. Plaintiff alleges that those defendants, armed with the confidential information they 18 had obtained from HTP, made a deal by which Nabors would enter into a strategic alliance with 19 the SPV owned by FMG. Id. To that end, in November 2020, FMG changed the SPV’s name to 20 NanoGen (a defendant in this case), which shortly thereafter began hiring employees and building 21 operations. Id. ¶¶ 57, 59. FMG also persuaded Johnson to ditch HTP and join its effort to procure 22 the Nabors Opportunity for itself. Id. ¶¶ 62-63. It was Johnson, around March 2021, who finally 23 24

25 3 Specifically, the fuel-efficiency tests that Nabors requested would have taken longer to complete than the time JCAI was willing to allow HTP to pay for JCAI’s interest in HyTech. Compl. ¶ 48. HTP, however, needed to complete the 26 deal with JCAI and thereby reacquire the rights to the ICA Technology before it could complete a deal with Nabors. Id. The plan devised by FMG, Dutton, Lee, and Richardson was intended to reduce the time necessary for Johnson to complete Nabors’ requested tests in order to satisfy JCAI’s payment timing demand. Id. ¶¶ 49-50.

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HTP Inc v. First Merit Group Holdings Inc, Counsel Stack Legal Research, https://law.counselstack.com/opinion/htp-inc-v-first-merit-group-holdings-inc-wawd-2023.