Atlas Biologicals Awarded $2.04M in Federal Court vs. Former Employee Thomas Kutrubes, Peak Serum, Inc.; Peak Serum, Inc. Files Bankruptcy
Fort Collins, CO-based biotechnology firm Atlas Biologicals has been awarded $2.04M in a case versus former employee Thomas Kutrubes and Peak Serum, Inc. The judgment states Kutrubes allegedly set up Peak Serum, Inc. secretly while still employed at Atlas Biologicals, then gathered and used trade secrets, marketing collateral, customer databases, and other intellectual property without company knowledge or approval.
The judgment stems from allegations that Kutrubes allegedly stole trade secrets, intellectual property, customer contact lists, branding, and formulations from Atlas Biologicals, setting up a new company while still employed there, and using these to advantage in his new company, including claim of operating as a “sister company" to Atlas. It was also alleged that Peak had falsified labels and exported mislabeled serum products. The case (Civil Action No. 15-cv-00355-CMA-KMT) was presided over in the US District Court for the State of Colorado by Judge Christine M. Arguello.
Judgment was finalized on September 23, 2019 in Atlas Biologicals’ favor and Kutrubes is required to compensate Atlas Biologicals in the amount of $2.04M. As of November 13, 2019, Peak Serum, Inc. filed for Chapter 11 Bankruptcy.
Atlas Biologicals was founded by Richard (“Rick”) Paniccia and Brent Bearden in 1998 and both remain majority owners as of 2019.
Media: Dawn Duncan, Yellowbright, Inc., 970.980.6399, email@example.com
Dawn Marie Duncan