GlaxoSmithKline VC Unit Faces Lawsuit Over Clareos Stock Deal

A local businessman and 20 others have filed suit against the venture capital arm of British pharmaceutical giant GlaxoSmithKline, alleging it violated multiple securities laws as part of its investments in Virginia software company Clareos. Russ Curran of Reston and 20 associates he convinced to invest in Clareos are seeking at least $100 million in damages, according to the lawsuit filed Feb. 9 in U.S. District Court in Alexandria.

Washington Business Journal (http://www.bizjournals.com/washington/stories/2005/03/28/story2.html)