Vision Technologies Faces Another Lawsuits

We sure hope Vision Technologies Inc. in Rogers has flood insurance because, as the old adage states: when it rains, it pours.

The company has been hit with multiple lawsuits during the past year.

In November, a 19-count suit was filed against VTI CEO Robert Thompson and the company. The suit was so salacious it was sealed by the judge.

Jeannie Fleeman, through her Jeannie Fleeman Revocable Trust, was a plaintiff in the suit. But Fleeman seemed to have a change of heart when she filed an order of dismissal in April pursuant to the November suit.

Now Fleeman has returned, this time with a suit filed against Thompson, VTI and Collins Haynes.

Fleeman, Billie Jean Reaves, Bart Wayne Fleeman and John Todd Fleeman are all listed on the suit filed June 3 in Benton County Circuit Court.

The lawsuit is a complaint for damages under the Arkansas Securities Act.

Fleeman alleges that, at the time she was purchasing shares of VTI stock, she was not made aware that VTI investor Collins Haynes and Thompson sold shares of VTI stock without being registered, as specified in the Arkansas Securities Act.

The suit further alleges that Haynes and Thompson also failed to tell Fleeman that the patents “at the heart of the Corporation’s business” were not owned by VTI and that no substantial government contracts or purchase orders, which Fleeman alleges the men said required operating funds to fulfill, were in existence when the shares were being sold to her and others.

According to the filing, Fleeman, through her Jeannie Fleeman Revocable Trust, purchased 800,000 shares, at $3 per share, from June 2005 to March 2006 and purchased an additional 80,333 shares through the Fleeman Family LP II in June 2006.

Reeves, Bart Wayne Fleeman and John Todd Fleeman each purchased 41,750 shares of VTI stock during that same period.

Each plaintiff is asking for repayment of the total value of VTI stock they purchased, for more than $3 million.

VTI has yet to file an answer.