Innovation Pharmaceuticals Inc (IPIX)

[loanranger]

"So, there exists a Nobel nominee AND a Nobel Laureate as founders of CTIX."

This was the the quote from the post :
"In ¶55, Plaintiff alleges the Company falsely claimed the association of “Dr. Emil Frei, director and physician-in-chief emeritus at the Dana Faber Cancer Institute, and Dr. Har Gobind Khorana, a 1968 Nobel Prize Winner” with the Company, but, in fact, they were founding shareholders of the Company, see Ex. 20, (Stock Transfer Agent Report) at 5-6;"

"founding shareholders"

Here's what paragraph 55 actually said, in its entirety (sorry if it copies and pastes badly):
"Additional false statements intended to inflate the value of Cellceutix stock also
appeared on the Company’s website in 2008, when the Company falsely claimed that two 22
promi
nent scientists,
Dr. Emil Frei, director and physician
-
in
-
chief emeritus at the Dana Farber
Cancer Institute, and Har Gobind Khorana, a 1968 Nobel Prize winner
, were scientific advisors
for Cellceutix.
India New England revealed that Dr. Frei could not re
member how or why he
heard Menon’s name, and a close family member of Dr. Frei revealed that Dr. Frei was suffering
from Parkinson’s Disease, and was not acting as a scientific advisor for Menon’s company. The
India New England Report also confirmed that
Dr. Khorana was not an advisor to Cellceutix.
Dr. Menon claimed to India New England that Dr. Frei forgot that he was an advisor because of
his Parkinson’s disease."



I'm not sure how the two T/A exhibits establish the two gentlemen to be "founding shareholders", but I think an even better case can be made directly refuting Rosen's assertion that they weren't "scientific advisors for Cellceutix".
The two exhibits show that both were issued the exact same number of restricted shares on the same day in sequentially numbered share certificates. That seems to strongly suggest...to me, anyway...that the shares represent compensation to them, presumably as Scientific Advisors. At the very least I think it more firmly establishes that they had an association with the company.