NextPlat Corp (NXPL)

[JMCK6193]

My hopes and prayers are that Crooked Fernandez's lawyers will tell him it's in his best interests that he changes his current "Screw the Shareholders" path and hire a respectable CEO and PR person and do the buyback they said they had planned and maybe just maybe the lawsuit against NXPL and Company (Fernandez) would be dropped. But after reading his past dealings it's highly unlikely. 

[gedi8]

As long as they have a Certified Class, no need to notify all other shareholders at this time.

[vp_007_99]

I called.  Eric is the one I spoke to.  302-559-2119

[staypuff]

I would assume the legal firm would send out a notice to all shareholders but I haven’t seen anything they I recall

[Wangenstein]

How do we get involved with/support this class-action suit?

[JMCK6193]

I'm starting to believe Glickman is Fernandes little "B"

[staypuff]

Has anybody talked to Glickman about all this yet

[vp_007_99]

Im in.  Sending my info to the firm today.

[holt69]

Oh right, good call.

[gedi8]

I think Bear was asking if Armen was a Plaintiff, not a defendant.

[holt69]

I highly doubt Armen is a defendant.

Armen may have exercised poor judgment when working out the deal with Fernandez which allowed Nextplat to invest in RXMD in the first place. Seeing how Fernandez operates, I presume he lied about plenty of things to Armen about his intentions.

The lawsuit is about the terms of the merger. Armen knew RXMD shareholders were getting hosed but couldn't do anything about it because the Board members seemingly had no issue with it and Fernandez had the majority of votes so they could force it through.

Anyone with half a brain on the Board could see how horrific that deal was for RXMD shareholders. The Board did not represent us.

Fernandez will pay.

[gedi8]

I wouldn't be surprised if he was named as one of the Class in the Complaint.

[Turbomunkey]

Great question. Armen was the one who mentioned a lawsuit.

[Bearslayer]

I wonder if Armen is part of that suit? Or if Jay thinks he was fleeced by Armen too? Since Armen stayed on when Jay stepped down. 

[CaptHowdy]

Agreed. It's the quiet ones that can inflict the most damage. Kudos to Jay, he's was obviously pushed too his breaking point and has alot of accounting ledger knowledge about what has occured.

Hope he and his legal counsel slaughter Fernandez and Barreto in court. 😁

[holt69]

Fernandez scammed us so badly that Jay could've had both eyes closed and still seen what was going on. 😆

[Turbomunkey]

We all ripped on Jay, but in reality he was discreetly collecting Intel with one eye open.

[CaptHowdy]

Sure did....definitely flexing that Big D Energy. Don't mess with a Sleeping Jay or you get the horns Fernandez. 🤣

[Turbomunkey]

Sleepy Jay has been promoted to big dk Jay.

[JMCK6193]

Gedi it will take 20M not 20K to move this!!!
Fernandez got his wakeup call today, now let's see what he does with it.

[gedi8]

Those 20,000+ shares @ .80 have all been bought up. Time to move up.

[CaptHowdy]

Yesssssir, the NXPL death spiral has begun. Hope that crook gets punished financially by the Judge as he has done to RXMD shareholders & employees of Progressive Care. Time for a dose of reality crooked Fernandez

[Four by Two]

Well Fernandez you finally went too far, you woke up Sleepy Jay the RXMD ex CEO and longtime accountant. You’re also messing with his retirement $$$
You can screw common shareholders but don’t mess with ex CEOs

[holt69]

I spoke with Glickman last November. I asked him if the company had insurance for lawsuits, and he confirmed they did.

When I talked with him, I obviously had no idea there was already a lawsuit in place.

Ultimately, at least some of the settlement would come from insurance. The rest could come from Fernandez or the company, I'm not sure.

While it could hurt the share price even more, at least you'd be getting money back that would help you recoup your RXMD investment. Fernandez clearly has no plans to increase shareholder value.

[CaptHowdy]

Yessir. 😁 The power of Karma will be coming for Fernandez and Barreto soon. Filthy Crooks... time to pay the piper and former RXMD shareholders.

[staypuff]

Call me an idiot but if there is a large settlement would then money not have to come from NXPL or Fernando? Which would be the culprit? If NXPL then that would in turn be a hit on the share price which is already still sucking

[JMCK6193]

Thanks Mike

[holt69]

Link to the lawsuit:

https://courtconnect.courts.delaware.gov/cc/cconnect/ck_public_qry_doct.cp_dktrpt_frames?backto=P&case_id=2024-1097&begin_date=&end_date=

Here's the Wikipedia page of the judge:

https://en.m.wikipedia.org/wiki/Morgan_Zurn

She's been involved in some big stockholder cases.

Fernandez will pay dearly for what he has done!

[gedi8]

Andersen, Sleater, Sianni, LLC, Wilmington DE

[Turbomunkey]

Holt nice find. Thanks for sharing.

Jays military training kicked in and he has gone into fight mode.

[vp_007_99]

Anyone know the name of the law firm?

[holt69]

The lawsuit was filed last year and they chose not to issue a PR about it.

Man, they are really keeping us in the dark on nearly everything.

Filthy crooks!

[gedi8]

Actually No, I don't know what you mean.

[CaptHowdy]

Certainly a step in the right direction. Fernandez must be held accountable for his lack of fiduciary duty to RXMD shareholders. The fact that an insider got the ball rolling on a class action suit speaks volume. Someone like Jay has much more insider information than us shareholders. Therefore, I have to suspect that he witnessed the shady way of Fernandez first hand and also agrees with shareholders sentiments of RXMD being "stolen" well below fair market value.

Good job Jay, we have a rather strong case here IMO.

[DCorleone]

NXPL Sorry but pretty obvious... Not SHAREHOLDERS money. If you know what I mean...

[holt69]

Apologies if this has already been brought up.

I had to step away from following this stock for a bit because of how disappointing it's been.

[holt69]

WEINBERG filed a class action lawsuit!!!

Check out page 129 of the 10K.

Note 22. Commitments and Contingencies Litigation

On October 28, 2024, Alan Jay Weisberg, the former Chief Executive Officer and Chairman of Progressive Care Inc. (“RXMD”), filed a putative class action suit on behalf of himself and all other former RXMD stockholders against NextPlat, Charles M. Fernandez, the Chief Executive Officer and a director of NextPlat, and Rodney Barreto, a director of NextPlat. The complaint purports to allege a breach of fiduciary duty by NextPlat and Messrs. Fernandez and Barreto in connection with the merger of RXMD with and into a wholly-owned subsidiary of NextPlat (the “Merger”), which Merger was completed on October 1, 2024 following approval by the stockholders of each of NextPlat and
RXMD in stockholder meetings held on September 13, 2024 by NextPlat and RXMD, respectively. Among other things, the complaint asserts that the consideration paid to Mr. Weisberg and the other RXMD stockholders in connection with the Merger was insufficient. The monetary relief requested in the complaint includes compensatory andrescissory damages in an unspecified dollar amount. The complaint is pending in the Court of Chancery of the State of Delaware. The caption is Alan Jay Weisberg v. Charles M. Fernandez, Rodney Barreto and Nextplat Corp., and the case number is C.A. No. 20. 24-1097-MTZ.

[gedi8]

Now that the Impairment charges are finished, we should see a clean Financial Statement in May and perhaps positive cash flow. That should also be a catalyst to move the share price.

[RED44]

I sure hope so. This company has so much potential.

[gedi8]

Agreed RED. I also think that we may see some news soon.

[RED44]

The amount of cash on hand is almost as much as the current market cap. Way undervalued in my opinion. The buy back is the catalyst that will move this stock price. Until then, small upticks are all we'll see here. Maybe there will be news on an actual stock purchase by the company this month or early next month. That will reinstate some investor confidence. Announcing a share buy back and not executing only breaks trust and hurts the company.

[gedi8]

How's that?? 65 mil in Revenue, sitting on 20 mil in cash...

[DCorleone]

NXPL... Nothing but a big dream...

[gedi8]

Impairment charges are done. The 10-Q- for the first quarter should be clean. NXPL should be close to cash flow positive. Also, the Share buy back should take place (hopefully) around the release of the First Quarter 10-Q. Guess we will see.

[Turbomunkey]

It would be illogical to buy back shares knowing the price will continue to decline.

Too many tin foil hats here. The pharmacy industry is in the sewer, first issue. Our supplement line is a working progress. Our presence in the Asian market is a work in progress. No mergers or acquisitions on table.

NXPLs anti-shareholder management is a whole issue in itself. No one trusts them, shareholders or potential investors.

Numbers suggesting growth potential in Asia would be a needle mover. A merger or acquisition would be a catalyst. OPKO buying us would also be interesting. Otherwise, buckle up for a boring ride.

[gemstar66]

How is it possible for them to stay on the NASDÈQ at this price? They opened at $6.00 now less than a $dollar pathetic. ,

[RIOgrande44]

I am not against averaging down, but i would like them to put in writing ,that they will not Do a R/S. I am not convinced they have ruled it out. I am not convinced a share buyback is a for sure thing. They are trending toward break even/profitability, but thats a ways away.

[Bearslayer]

That's 100 percent correct. It's probably gonna take a Miracle for us to survive this mess. That CC was pathetic and only done because they have to. Not because they wanted to spread the word. 

IMO 

[JMCK6193]

Yes, I remember all to well!!! (I missed out because of family loss) But I'm hoping something else along with the buyback happens together and will cause even a higher surge than that day. But again, I'm way to invested to get out now. But your analysis on Fernandez is spot on! No arguments here Capt lolI still blame and will always contend that it was Armen's fault and it started when he couldn't handle when he felt threatened by a woman named Shital Mars. Armen was and is a POS 💩

[CaptHowdy]

Good luck Sir, that's one way to minimize losses. I simply have no faith in Fernandez after seeing how he ran NXPL before stealing RXMD from us loyal shareholders. 🤬

Even if they spent the entire $2 million allocated for buying back shares at this level, it would only bump the price up marginally, before profit taking kicks in. Do you remember the day this was pumped on Reddit in January? There was 12 million shares traded that day and PPS only rose by about .90 cents. A two million share day would have minimal effect at this price point; assuming they spent the full $2m on a single trading day. IMO