FAIRFIELD, CT / ACCESSWIRE / March 25, 2019 / Calmare Therapeutics Incorporated, (OTC PINK: CTTC), the pain mitigation company ("Calmare" or the "Company"), announced today that, on March 15, 2019, Calmare won two significant rulings from the Delaware Court of Chancery brought against it and certain of its directors by Stanley Yarbro, another director.
The Delaware Court rejected Yarbro's motion for a summary judgment to declare that he had been successful in a Consent Proxy Solicitation seeking control of the Company. The Court of Chancery also granted Calmare's motion to stay the Delaware case until a United States District Court in New York decides, in a lawsuit filed in April 2018 by Calmare against Yarbro, whether Yarbro used a proxy that was "false and misleading" under Federal securities laws to obtain shareholder votes for his proposed slate of directors.
"The Chancery Court's stay motion is a great help to the Company and its shareholders," said Calmare Therapeutics President & CEO Conrad Mir. "Calmare's Management Team has been working hard to pursue the Company's business objectives in the face of this counterproductive litigation. Such a motion will afford us the opportunity to put Calmare back on track and focus on what is most important - posting revenues, and increasing shareholder value."
