July 28, 2015 (Shareholders Foundation) - An investor in shares of Payment Data Systems, Inc. (OTCMKTS:PYDS) filed a lawsuit against certain directors of Payment Data Systems over alleged wrongdoing.
The plaintiff alleges that certain Payment Data Systems directors breached their fiduciary duties and caused damage to the company and its shareholders. More specifically, the plaintiff alleges that certain directors of Payment Data Systems kept the company in the red by paying themselves more than Payment Data Systems earned last year. The plaintiff claims that Payment Data Systems, Inc recorded gross profits of $4.18 million in 2014, and the five defendants granted themselves compensation valued at $4.53 million in the aggregate.

The plaintiff says that in determining their own compensation in 2014, defendants allegedly wrongfully misappropriated economic value and voting power from Payment Data Systems' minority shareholders, thus harming them uniquely, individually, and in direct proportion to defendant's benefit