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TOPIC: Lorem Vasculat files suit

Lorem Vasculat files suit 11 May 2018 17:26 #11768

  • myownhedgefund
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How could this not be reported as a material event given the dire cash situation ?????

Trying to cut and paste blurb buried in 10Q at bottom of page 10 but file being stubborn.

Kinda crazy as well..."oral agreement" to buy $5 million in Lorem stock ???
Anyway...here is the 10Q link:
www.streetinsider.com/SEC+Filings/Form+10-Q+CYTORI+THERAPEUTICS%2C+For%3A+Mar+31/14183291.html

Certainly explains the late April, early May dip.
Still some bad blood between these parties it appears.

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Lorem Vasculat files suit 11 May 2018 18:11 #11769

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Good catch Hedge. There aren't many going through the 10Q anymore. Why no mention by Marc?

April 27, 2018, Lorem Vascular, or Lorem, filed suit against us in the U.S. District Court for the Southern District of California alleging we breached an oral agreement made in 2013 to purchase 5% of Lorem’s common stock for an aggregate amount of $5.0 million, and seeking specific performance of the alleged oral agreement and damages in an amount to be determined at trial. We are in the process of reviewing the complaint and have not yet responded, but we believe the entire complaint is without merit. Given the unpredictability inherent in litigation, we cannot estimate a range of potential loss or predict the outcome of this litigation or any litigation.
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Lorem Vasculat files suit 11 May 2018 18:36 #11770

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What a perfect example of this company's disingenuous management. Consistent with years of concealing important information and leading on shareholders. I wish I had listened to rational third parties who implored me not to ride this out through the STAR results (which I did, and promptly dumped it after).

When Lorem is done suing them for the peanuts that are left, maybe Mark can answer why he felt this was non material. Add it to his future lengthy deposition, won't that be an interesting read.

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Lorem Vasculat files suit 12 May 2018 05:04 #11771

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irrationalexuberance wrote: What a perfect example of this company's disingenuous management. Consistent with years of concealing important information and leading on shareholders. I wish I had listened to rational third parties who implored me not to ride this out through the STAR results (which I did, and promptly dumped it after).

When Lorem is done suing them for the peanuts that are left, maybe Mark can answer why he felt this was non material. Add it to his future lengthy deposition, won't that be an interesting read.

/

Breach of an "ORAL AGREEMENT" from 2013 - what a joke - mot much chance of that happening imo.

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Lorem Vasculat files suit 12 May 2018 07:13 #11772

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Hey guys- this is making a mouse (or even a much smaller reature) into an elephant.

Too silly to even waste time on this.

Now, if they sued for discontinuing the cardiac development, one would understand and have a look at the contracts, but an oral agreement or a statement made in a bar at 23.00 hours a long time ago and subsequently not formalized by lawyers on signed paper, has no chance in US courts.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Lorem Vasculat files suit 12 May 2018 10:33 #11773

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Agree Fas on certain points
One, is the reason why I put "oral agreement" in parenthesis and commented kinda crazy. While oral agreements can be binding, something of this nature darn hard to prove, especially when a hard copy of a contract has been signed without said agreement included. Remember, that contract was also redone not long after first being signed and still evidently not included.
Why now on this ???? I wonder if there has been other recent discussion regarding the original contract.

Regardless, it still should have been disclosed !!!! It is not up to Cytori management to predetermine the validity of the case !!!! Given the stock action around that period, obviously some knew.

Secondly, Lorem...aka, Lim has to know their cash situation which also makes the timing curious to me.

The whole thing...the handling of so many things just adds to the trust question imho.

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