Lol whoever filed the lawsuit just flushed MORE of their money down the toilet, thats the truth. Should have done a little research on coorperations that are made in Nevada, of course any securities law firm will tell you they can win. Please Read:
Nevada law provides extremely strong protection against piercing the corporate veil, where a corporation's owners can be held responsible for the actions of a corporation. For instance, from 1987 to 2007, there was only one case that successfully pierced the corporate veil of a Nevada corporation, and in this case the veil was pierced due to fraud on the part of the corporation's owners.[citation needed]
Because the provisions on "piercing the corporate veil" are corporate governance matters, if a corporation chartered in California, for example, (which has much more creditor friendly provisions permitting this) is sued anywhere, California law applies, but if a corporation chartered in Nevada, which operates only in California, is sued in a California court, the California court would use Nevada law in determining what the requirements permitting this (Note that foreign corporations, including those, for example, incorporated in Nevada, may be subject to California Corporation Code 2115). On the issue of "piercing the corporate veil," Nevada law applies (which is much more supportive of the corporation's interest), even if the corporation only operates in California and has never had any other contact with Nevada and is simply chartered there as a "flag of convenience."
You do realize how many millions of corporations have been formed in Nevada since that time frame correct?! and ONE i repeat ONE has lost a case there. What they did must have been so obvious, so easy to prove and so beyond defense that the business lost. I mean the case probably was so bad and tens of millions if fraud were probably committed that a 5 year old could have easily made the ruling.
Hey I hope it works out for you guys really do but history does all the speaking about what will come of this, nothing, unfortunately.
All that happened here was a pissed off SH or debt holder flushed more of their money down the toilet hiring a lawyer to work on this case which thy will 99.9% lose.
Sorry but thats the harsh truth.
Last word of advice to the person who filled the lawsuit: This is the sub-penny market, i lost money here as well and am pissed, but anyone with half a brain knows that any money invested down here they could LOSE ALL OF IT the next day, or could make 100s of % on it the next day, its the risk down here. Sad to see that person flush probably more money than they lost with this POS stock on lawyers, it will add up big and you will lose as shown above, again i lost money here too and hope you do win but realize the outcome before you waste more money and time here and move onto another investment. GL.
All of my posts are strictly my own opinion. Please do your own DD before making any investments and only risk what you can afford to lose
