A Little Rock businessman is suing his former business partners for allegedly pushing him out of Alternative Care Pharmacy LLC so they could acquire his shares at a low price.
Joey Wiggins of Little Rock said in a lawsuit filed in Pulaski County Circuit Court that he has been damaged to the tune of at least $800,000 after he unwillingly left Alternative Care Pharmacy LLC of Little Rock, a company he had an ownership interest in with Mark McGrew of Hot Springs Village and others.
Wiggins and McGrew formed JWMM Investments LLC of Searcy to hold their 60 percent ownership in Alternative Care, which was purchased in 2012. Their initial contribution to JWMM was $120,000, according to the filing. CareMax LLC of Boyce, Louisiana, also invested $60,000 in the company, holding a 30 percent ownership interest.
During the first few months of operating under the new owners, Alternative Care expanded and more cash was needed. The owners of the company had an informal meeting to discuss whether to borrow the money or have a capital call. But no decision was made.
Wiggins said he thought that members would discuss the funding issue during a called meeting in August 2013. Instead, Wiggins said, he was given a check from Alternative Care as payment for his interest in the company. (The lawsuit didn’t say how much he was given and his attorney, Justin Hurst of Hot Springs, didn’t immediately return a call for comment.)
From that point on, Wiggins said, he has had no information about the company, which was sold at the end of 2013 to Allcare Pharmacy of Arkadelphia.
Wiggins alleged that he later learned that McGrew and others had conspired in the summer of 2013 to sell Alternative Care behind his back.
He is suing McGrew, Alternative Care, JWMM Investments, CareMax and other defendants on a number of counts including breach of agreement and fiduciary duties and civil conspiracy. McGrew, who works at Allcare Pharmacy, didn’t immediately return a call for comment.
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