“Complete BS - show proof of this. Waiting and laughing... Quote:
CYDY’s own legal team advised the company that NP and the BOD were at fault. CYDY didn’t proceed with a court case because it was clear they would lose”.
Not BS at all, pure fact. Read the judges oral decision and final settlement, which is posted on CYDY’s website. CYDY’s SLC and legal team advised a settlement based on the findings of the SLC.
CYDY’s Special Litigation Committee (SLC), was created and comprised CYDY directors, “The Board appointed two outside directors, Alan Timmins and Samir Patel, to serve as members of the SLC”.
“The SLC determined that Plaintiffs’ claims for breach of fiduciary duty in connection with the Awards “Likely Have Merit.”78 As to the December 2019 Awards, the SLC determined that they “Likely Were Not Entirely Fair,” 79 and made factual conclusions that were first identified by Plaintiffs in connection with their Section 220 investigation and pled in the Complaint.”
“Furthermore, if this action went to trial, Plaintiffs would probably prevail because, as the SLC’s investigation determined, Defendants were unlikely to carry their burden of proving that the Awards were entirely fair. See SLC Br. at 36, 44.”
From the judge’s oral decision:
Mr. Cordo, of Wilson Sonsini Goodrich and Rosario, on behalf of CYDY’s SLC: “The SLC’s top-conclusions are that there were serious problems surrounding the process by which the 2019 awards were proposed, structured, and approved”.
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