copied right from the IBOX
The Latest info on the lawsuit brought by investors is that it was settled. The Plaintiffs agreed to dismiss all claims alleged in the lawsuit with prejudice and on January 30, 2012 filed with the Court a Notice of Voluntary Dismissal with Prejudice. Nonetheless, in an effort to avoid further litigation, we, on behalf of the Company and the other Defendants, have agreed to issue to the Plaintiffs an aggregate of 606,756 shares of the Company's common stock in addition to the 1,738,750 shares already held in escrow for a total of 2,345,506 shares of our Common Stock (the "Settlement Shares"). We have further agreed that within 30 calendar days of the removal of the global lock by DTC, we will issue each Plaintiff an individual warrant. The term of each individual warrant shall be for two years from the date of the removal of the DTC global lock and shall be for the purchase of a number of shares of the Company's common stock equal to the number of Settlement Shares received by that individual Plaintiff, with an exercise price of $0.70 per share.
