Indy toxicology lab founder faces federal lawsuit

WISH File Photo
WISH File Photo

INDIANAPOLIS (AP) — The U.S. Department of Labor is suing the founder of an Indianapolis toxicology laboratory, alleging that he sold the company to employees in 2009 at a vastly inflated price.

The department’s federal lawsuit says 70-year-old Michael Evans should return millions of dollars in “unjust” gains from the sale of AIT Laboratories because it violated federal laws governing employee stock ownership plans.

Evans’ attorney, Andrew McNeil, says his client intends to fight what he called the government’s “faulty” charges.

The Indianapolis Star reports the lawsuit alleges Evans sold his 88 percent stake in the company to its 300 employees in 2009.

The suit says Evans used an “unreliable” valuation of $90 million for AIT when only a year before an Indianapolis investment firm had put AIT’s value at $17 million. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language, off topic, or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

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