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SALT LAKE CITY (AP) -- The Utah Supreme Court says a group of minority shareholders can sue executives of exotic juice maker XanGo for allegedly spending company money on themselves.
The court on Tuesday cleared the way for the lawsuit by Angel Investors LLC, a group of four people who in 2003 helped launch Lehi-based XanGo.
The company sells a mangosteen-based juice for nearly $40 a bottle through a network of unsalaried sales associates.
XanGo portrayed Angel Investors as a disgruntled shareholder with baseless claims that was fully paid back for its initial loan and has been handsomely rewarded many times over.
XanGo says Angel was demanding the company buy out its 1 percent stake in the company at an inflated price.
XanGo is a closely held company with just 19 shareholders.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
