An arbitrator has ruled Competitive Technologies Inc. in Fairfield fired former chairman and CEO John Nano last fall with good cause and doesn’t owe him $750,000 in back pay, the company said Tuesday.
The pain-management device maker didn’t identify Nano by name in its announcement of the arbitration ruling pending since his public ouster last September.
The company said Nano claimed he was due the money as part of his contract.
Competitive Tech said it believes that its board of directors acted with discretion in finding that Nano “engaged in willful misconduct and gross negligence and that the executive’s actions were cause for employment termination under the employment agreement and governing law.”
Nano could not be immediately reached Tuesday for comment.
The company said it is reviewing the arbitrator’s decision to determine its future course of action.
The arbitration ruling comes a day after the company said second-quarter losses widened to $1.3 million, or a dime a share, from a loss of $468,000, or 4 cents a share, a year ago.
Revenues plummeted to $311,000 in the latest quarter from $1.1 milliion a year ago.
