Implant Sciences Corp. shareholders are seeking bankruptcy-court permission to sue funds affiliated with troubled hedge fund Platinum Partners, Dow Jones Newswires reported yesterday. The official committee representing Implant Sciences shareholders last week filed papers asking the U.S. Bankruptcy Court in Wilmington, Del., to authorize it to sue DMRJ Group LLC and Monstant Partners LLC on Implant Sciences' behalf. According to the shareholders, Implant Sciences has "taken no action" to pursue the legal claims it has against the funds. The shareholders' request comes in the wake of the recent arrest and indictment of six Platinum executives on charges of investment fraud. The Wall Street Journal has reported that the Platinum funds, which are liquidating, were a big investor in Implant Sciences.
