Lawsuit from GETA Investors trial is still pending, a responsive brief is due from Genta on November 30, 2009
Trial is still pending in the Superior Court of New Jersey, captioned Collins v. Warrell, Docket No. L-3046-08... complaint alleged that in issuing convertible notes, the Board of Directors, and certain officers breached their fiduciary duties, and the Company aided and abetted the breach of fiduciary duty.
While Genta intends to continue their vigorous defense of this lawsuit, I believe it would not be in Genta's best interest to do anything legally to jeopardize the case. This is why I think Genta will not repeat the past, even if they wanted to.
Of course this lawsuit is on sidelines to all of Genta's other obstacles, but I feel in the end they will pass this crucible and fulfill the Agenda they had set out for. These are just my opinions to the facts that are clear to me, It is not my intention to change your decision on your feelings about this company. I wish you luck with the choice that you have made, and I hope that we will all benefit from all our investments in the future.
You can find these facts that I have posted the company fillings FORM 10Q
In November 2008, a complaint against us and our transfer agent, BNY Mellon Shareholder Services, was filed in the Supreme Court of the State of New York by an individual stockholder. The complaint alleges that we and our transfer agent caused or contributed to losses suffered by the stockholder. We deny the allegations of the complaint and intend to vigorously defend this lawsuit.
In September 2008, several shareholders of the Company, on behalf of themselves and all others similarly situated, filed a class action complaint against the Company, the Board of Directors, and certain of its executive officers in Superior Court of New Jersey, captioned Collins v. Warrell, Docket No. L-3046-08. The complaint alleged that in issuing convertible notes, the Board of Directors, and certain officers breached their fiduciary duties, and the Company aided and abetted the breach of fiduciary duty. On March 20, 2009, the Superior Court of New Jersey granted the motion of the Company to dismiss the class action complaint and dismissed the complaint with prejudice. On April 30, 2009, the plaintiffs filed a notice of appeal with the Appellate Division. On May 13, 2009, the plaintiffs filed a motion for relief from judgment based on a claim of new evidence, which was denied on June 12, 2009. The plaintiffs also asked the Appellate Division for a temporary remand to permit the Superior Court judge to resolve the issues of the new evidence plaintiffs sought to raise and the Appellate Division granted the motion for temporary remand. Following briefing and a hearing, the Superior Court denied the motion for relief from judgment on August 28, 2009. Thus, this matter will proceed in the Appellate Division. Plaintiffs' brief before the Appellate Division is due on October 28, 2009, and our responsive brief is due on November 30, 2009. We intend to continue our vigorous defense of this lawsuit.
“Revenue Recognition – Multiple Deliverable Revenue Arrangements.”
In October 2009, an update was made to “Revenue Recognition – Multiple Deliverable Revenue Arrangements.” This update removes the objective-and-reliable-evidence-of-fair-value criterion from the separation criteria used to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting, replaces references to “fair value” with “selling price” to distinguish from the fair value measurements required under the “ Fair Value Measurements and Disclosures” guidance, provides a hierarchy that entities must use to estimate the selling price, eliminates the use of the residual method for allocation, and expands the ongoing disclosure requirements. This update is effective for the Company beginning January 1, 2011 and can be applied prospectively or retrospectively. Management is currently evaluating the effect that adoption of this update will have, if any, on the Company’s consolidated financial position and results of operations when it becomes effective in 2011.
Thank You to all GETA Investors, who will not let this happen again to all the new investors. I could only hope that we find what we seek at the end of this GETA Rainbow. Have an Amazing Day of Trading, Good Luck To All.
Peace and God Bless
† h i n k f i s h
