Predictive Technology Group Inc (PRED)

[BearNaked]

On or about April 30, 2020, Equitas Bio/Pharma Solutions, LLC (“Equitas”) filed a lawsuit against Predictive Technology Group in New York District Court alleging nonpayment of “at least $551,080” in amounts owing under Master Service Agreement and Project Work Orders as of the date of filing. The claims are for breach of contract, breach of covenant of good faith and fair dealing and fraud. The basis of the fraud claim alleges that Predictive “made specific statements to Equitas that it was able to and intend to perform its obligations under the agreements” and at “the time Predictive made these promises it had no intention of keeping them.” We agree that amounts are owed under the agreements, but we deny all allegations in the complaint relating to breach of covenant of good faith and fraud. Amounts due as of March 31, 2020 are included in accounts payable in the condensed consolidated balance sheets.

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