Ex-Shareholder Files Lawsuit Against International PCBX

A former shareholder has filed a lawsuit against International PCBX Systems Inc., the company said Friday.

The shareholder is Eli More, who did consulting work for the maker of telephone exchange systems for personal computers.

International PCBX said More alleges the company failed to grant him stock options as promised and that he is seeking 50,000 options on the common shares of the company, plus damages.

The company’s stock began trading Tuesday on the Nasdaq market.

The lawsuit was filed in Orange County Superior Court in Santa Ana. International PCBX said late Friday that it has not been served with the court documents yet.

Company officials said in a statement the suit is unfounded and that the company will defend itself vigorously.