ScripsAmerica is suing for securities fraud, breah of contract and also looking for damages. Below is the real info
TYSONS CORNER, VA--(Marketwired - May 27, 2014) - ScripsAmerica Inc. (OTCBB: SCRC), today announced that on May 22, 2014, ScripsAmerica Inc. filed a lawsuit against Ironridge Global IV, Ltd. ("Ironridge"), its principals and certain other defendants in the Federal district court for the Central District of California.
In this lawsuit, the Registrant alleges against Ironridge (i) securities fraud under Section 10(b) of the Securities Exchange Act and Rule 10b-5, (ii) breach of contract and (iii) tortious bad faith. This lawsuit stems from a transaction entered into between Ironridge and ScripsAmerica in November 2013 which was disclosed in a Current Report on Form 8-K filed by ScripsAmerica on November 19, 2013.
ScripsAmerica is seeking (a) a declaratory judgment from the court that would excuse ScripsAmerica from issuing any more shares under the Stipulation, (b) compensatory damages (to the extent ScripsAmerica can prove such damages), (c) attorneys' fees and court costs for this action and (d) punitive damages.
