Did PTSC fail to report definitive events?
posted on
Aug 05, 2011 03:51PM
An 8k filed 10/13/2010 stated that the company will provide further info regarding the TPL litigation as definitive events take place
On 10/20/2010 the company filed its first amended complaint in which they stated that TPL has been rendered insolvent and they pray for a declaration of Patriots right to declare the ComAG terminated.
All of this is a matter of public record and yet the company did not think the 1st amended complaint and what it stated was a definitive event that should have been reported to shareholders?
Not even in the most recent 10Q did they discuss the 1st amended complaint.
I refer you to the following:
Our action against TPL and Alliacense LLC in Santa Clara Superior Court alleging claims for breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and interference with contract, constructive fraud, for preliminary and permanent injunctions and for an accounting as described in Item 3 – “Legal Proceedings” in our Annual Report, is still ongoing, but there have been no material developments in such litigation since our Annual Report.
10-Q (Filed: 11-04-2011)
Our action against TPL in San Diego Superior Court for breach of a promissory note of $1 million and our actions against TPL and Alliacense LLC in Santa Clara Superior Court alleging claims for breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and interference with contract, constructive fraud, for preliminary and permanent injunctions and for an accounting as described in Item 3 – “Legal Proceedings” in our Annual Report, are still ongoing, but there have been no material developments in such litigation since our Annual Report
10-Q (Filed: 14-01-2011)
“Despite our litigation with TPL, we have been engaged in ongoing discussions in an attempt to achieve a resolution to our differences,” stated Cliff Flowers, Patriot’s interim CEO. “Our objective has been to secure an agreement that paves the way for the continuation of licensing revenues, while ensuring that Patriot and its shareholders are fairly compensated for their ownership interests in the Moore Microprocessor Patent PortfolioTM. We have been pursuing the dual path of negotiating and litigating, aggressively preserving our full range of options in furtherance of our objectives, and will provide further information as definitive events take place.”
8-K (Filed: 13-10-2010)sub doc 2
0096-000 |
Cv 1st Amended Complaint |
Click for text |
10/20/2010 |
None |
10/20/2010 |
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For: Patriot Scientific Corporation / PLT |