Dalrada Financial Corp (DFCO)

[XenaLives]

EMPOWER GENOMICS IS DOA....



https://tracxn.com/d/companies/empower-genomics/__sRFEZ8DWFrTJJAJt-_GA21n22oUWqSwl5jGtT2TKXhM

And then we have this:

This sounds pretty suspicious too...

Does Dalrada Health have any IP? What does it do????

Legal Proceedings



Dalrada Health Products (“Dalarada Health”), formed a joint venture with Vivera Pharmaceuticals, Inc. (“Vivera”), whereby Vivera is the minority member. As the managing member of the joint venture, Dalrada Health Products, in December 2021, filed suit against Vivera and Paul Edalat, Vivera’s Chairman and CEO, for misappropriation of funds on behalf of the joint venture in the amount of $2,104,509. In addition to filing a cross-complaint against Dalrada Health Products, Vivera filed a separate complaint against Dalrada Financial Corporation, Empower Genomics (a subsidiary of Dalrada Financial Corporation), Dalrada Financial Corporation’s officers, and other unrelated parties. The proceedings are being held at the Superior Court of the State of California, for the County of Orange – Central Justice Center.

https://www.otcmarkets.com/filing/html?id=16404853&guid=WL7-kecOelDodth#DALRADA_I10Q-123122_HTM_q2_012

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171216309&txt2find=empower

and this...

Interesting stuff...



ITEM 1. LEGAL PROCEEDINGS



Dalrada Health Products (“Dalarada Health”), formed a joint venture with Vivera Pharmaceuticals, Inc. (“Vivera”), whereby Vivera is the minority member. As the managing member of the joint venture, Dalrada Health Products, in December 2021, filed suit against Vivera and Paul Edalat, Vivera’s Chairman and CEO, for misappropriation of funds on behalf of the joint venture in the amount of $2,104,509. In addition to filing a cross-complaint against Dalrada Health Products, Vivera filed a separate complaint against Dalrada Financial Corporation, Empower Genomics (a subsidiary of Dalrada Financial Corporation), Dalrada Financial Corporation’s officers, and other unrelated parties. The proceedings are being held at the Superior Court of the State of California, for the County of Orange – Central Justice Center. In March 2023, the presiding judge ordered the case stayed until a valuation could be completed for Pala Diagnostics (“Pala” the company formed as a result of the joint venture) in order to allow for a dissolution of the partnership as requested by both parties. Any remaining issues found to be unresolved through the dissolution process will be addressed once the stay is lifted after dissolution.



On January 10, 2023, a resolution was concluded in the dispute between Likido Ltd. and MAPtech PACKAGING LIMITED (“MAPtech”) whereby Likido shall pay sum of $429,987 in damages, $42,374 in legal costs, and £19,754 as reimbursement for arbitration fees and expenses paid on account by MAPtech. Likido Ltd. shall pay interest at a rate of 8% per annum simple on all sums due pursuant to award, beginning 30 days from the date of the award. The Company has accrued a note payable totaling $509,731 related to the dispute as of March 31, 2023.

https://www.otcmarkets.com/filing/html?id=16654539&guid=eBD-kqCTdHRuB3h

SEC Charges Vivera Pharmaceuticals and Its CEO with Offering Fraud
Litigation Release No. 25538 / September 30, 2022
Securities and Exchange Commission v. Vivera Pharmaceuticals, Inc., EFT Global Holdings, Inc. d/b/a Sentar Pharmaceuticals, and Paul P. Edalat, No. 8:22-cv-01792 (C.D. Cal. filed September 30, 2022)
The Securities and Exchange Commission today announced charges against Orange County, California-based Vivera Pharmaceuticals, Inc., its CEO Paul P. Edalat, and another Edalat-controlled entity, Sentar Pharmaceuticals, for an alleged offering fraud that raised approximately $6.6 million from investors.

The SEC's complaint alleges that from May 2018 until June 2020, Vivera raised money from investors through private placements of Vivera stock. As alleged, Vivera claimed to hold an "exclusive global license" to a sublingual drug-delivery technology for the pharmaceutical use of CBD and THC. The SEC further alleges that, among other things, Vivera failed to disclose that Edalat was the controlling shareholder of both Vivera and the ostensible licensor, Sentar, and that there was an ongoing dispute around the validity of Vivera's license due to Sentar's prior conveyance of the same license to a third party. According to the complaint, in December 2018, Vivera filed a lawsuit challenging the third party's claim to the relevant license rights and lost that action in May 2020. The SEC further alleges that Sentar received $4,510,000 in purported licensing fees from Vivera and then transferred significant sums into various accounts controlled by Edalat, from which Edalat made lavish purchases, including down payments on two homes and a $425,000 luxury car.

The SEC's complaint, which was filed in the Central District of California, charges all three defendants with violating the anti-fraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder. The complaint also charges Vivera and Edalat with violating the anti-fraud provisions of Section 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against all defendants, as well as conduct-based injunctions against Vivera and Edalat, and an officer-and-director bar against Edalat.

The SEC's investigation was conducted by Robert Stillwell and Carol Kim and supervised by Finola H. Manvelian in the Los Angeles Regional Office. The SEC's litigation will be led by Stephen Kam and supervised by Gary Leung.

https://www.sec.gov/litigation/litreleases/2022/lr25538.htm

In July 2021, Dalrada, through its subsidiary Dalrada Health, expanded its presence in medical services sector by establishing Sòlas Rejuvenation + Wellness (“Solas”) which provides science-supported, medically backed services, and creates overall wellness programs that are customized to the unique needs of its clients. Solas will be opening its first health services location in October 2021 where it will provide a myriad of health and wellness treatments and procedures.





In August 2021, Dalrada, through its subsidiary Dalrada Health, entered into a joint venture ("JV") with Vivera Pharmaceuticals, Inc ("Vivera") for a 51% ownership. The JV, Pala Diagnostics, LLC ("Pala") is a CLIA-certified diagnostics lab focused on SARS-CoV-2 testing for now with additional testing capabilities to be introduced. Pursuant to the partnership agreement, Dalrada had an equity commitment of $500,000 of which it achieved during September 2021. Dalrada has invested additional funding to continue the expansion of the SARS-CoV-2 testing while commercial insurance and CARES Act reimbursements process claims. Since fiscal year-end, Pala has conducted over 25,000 tests. Pursuant to the JV, Dalrada shall also issue two hundred and fifty thousand common shares (250,000) to Vivera.

https://www.sec.gov/Archives/edgar/data/725394/000168316822001440/dalrada_s1.htm

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