Corix Bioscience Inc. (CXBS)

[goforalongwalk]

This lawsuit is a pure scam. Sharp typically files bogus lawsuits and counts on the fact that smaller companies cannot afford to hire lawyers in their defense who understand the issues. As you will note, most suits are won by default. Others were dismissed after demurrer. That is, the defendant called the lawsuit BS and the judge agreed and dismissed it. In the past, Sharp would sue companies claiming that he bought shares based on false press releases, and then the value of his shares diminished. He never stated in these lawsuits when and how many shares he bought. Because he never owned any shares. Yes, just fraud.
Now, this Corix suit, he is alleging that because of false filings and press releases, he was lulled into inaction and did not sell his 1,000,000 restricted shares which he got when the company only had $3,100 in the bank. At that time, the company was selling shares for $.002 per share. How much do you think Sharp paid for them? Probably the same. Now he has 1,000 shares after the split. But they are trading for $.70 per share. That is how reverse stock splits work. Also, Sharp was given the chance to put his shares to the company when the stock split happened. It is in the 14C in 2015. He did not do so. He decided not to.
You cannot sue a company because you did not sell your shares due to overly optimistic press releases. Also, you cannot sue someone in state court for securities law violations.
You also cannot sue an officer of a Wyoming company for breach of fiduciary duty without first making demand on the corporation, and then waiting 90 days.
This time, Sharp's mistake was to sue a company that has money to hire decent lawyers. Again, pure fraud.
Maybe the company will just pay him off his extortion instead of paying legal fees I hope not.