On Friday 4-19-24 the judge set Sept 4, 2024 as the date for oral arguments on the motion to dismiss the shareholder suit against PFSD and its Officers and Directors.
So far the Directors have spent over $200K of shareholder funds and all they have done is file a motion to dismiss this suit because, they claim, it was filed in the wrong court and used the wrong rules of procedure. REALLY??? How much would it have cost to settle this???
The company and its Officers continue to be in breach of many Federal and State laws including more fraudulent activity after the suit was filed that is just like some of the stated claims in the suit.
The company has D&O insurance but the directors have used only PS funds for this Suit. That indicates that the insurance company will not defend against the shareholder claims and will not pay any damages the court orders because the D&O carrier has no coverage for the illegal acts by Directors and Officers.
Nearly all of us has an annual performance review at our jobs. Nevada law requires all companies to hold an annual shareholder meeting for the purpose of electing the BOD to run the company for its shareholders. This BOD does not want you to inquire too deeply into how they are performing, or even ask for advice from us owners, so they continue to refuse to hold that election and performance review.
AI
