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Saturday, January 25, 2020 12:39:59 AM
“During the Class Period, Defendants’ schemes succeeded, and the Company used its inflated stock for purchases. In April 2015, Global Digital announced the acquisition of North American Custom Specialty Vehicles, LLC (“NACSV”), for consideration of cash and artificially inflated stock. On October 22, 2015, the Company announced an agreement to
4
Case 3:16-cv-05153-FLW-TJB Document 25 Filed 03/21/17 Page 5 of 43 PageID: 467
purchase Grupo Rontan Electro Metalurgica, S.A. (“Rontan”), a large Brazilian company, with half of the purchase price paid for with artificially inflated Global Digital stock.
8. On August 11, 2016, the SEC filed its complaint, alerting investors to the totality of the schemes Defendants perpetrated, rendering Global Digital’s all but worthless.”
And there is more -
“For the following reasons, the foregoing statements and omissions were materially false and misleading: Defendants knew, as described in ¶¶4, 60-73, that:
a. The Company had no reasonable basis for its revenue projection;
b. The Company had no credible financing in place to effectuate any
acquisitions;
c. The Company lacked sufficient cash to effectuate any acquisitions;
d. The Company lacked sufficient funds to even fund its basic operations, much
less effectuate acquisitions;
e. Defendants Delgado and R. Sullivan, who according to the Company were in
charge of “business development,” were aware that Global Digital had no
revenue-producing businesses, or any businesses whatsoever;
f. As a result, Defendants’ statements and omissions about Global Digital’s business, operations and prospects were materially false and misleading
and/or lacked a reasonable basis at all relevant times.”
The art of the scam is in his DNA, all imo
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