NewLead Holdings (NEWL) Says Ironridge Share Sales are Inappropriate Issuance
Article
Related Press Releases
June 17, 2014 4:02 PM EDT
NewLead Holdings Ltd. (NASDAQ: NEWL) today announced that Ironridge Global IV, Ltd. ("Ironridge") has inappropriately, again, exercised "self-help" in directing the transfer agent to issue shares to it, after conceding in court that NewLead had made an election to pay the dividend and embedded dividend liability of the Promissory Note ("Note") in cash.
NewLead has given notice of this election and, without waiver of its claims and rights to set-off, remitted the dividend to Ironridge and expects to pay the embedded dividend liability to Ironridge over the seven year period up to the maturity date of Note.
NewLead is obligated to give notice to those individuals and entities who attempt to sell these shares on behalf of Ironridge that these shares have not been appropriately issued and NewLead will, and others may, seek recourse for damages and sanctions for those aiding and abetting in any such sales.
You May Also Be Interested In
NewLead Holdings (NEWL) Files Claims Against Ironridge; Seeks Damages in Excess of $125M
UPDATE: Lumber Liquidators (LL) Moves from Red to Green
magicJack VocalTec (CALL) Debuts magicJackGO for Traditional, Mobile Devices
Create E-mail Alert Related Categories
Corporate News, Litigation, Momentum Movers
Related Entities
Dividend
Add Your Comment
Name
Subject
Body
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
