just noticed from zn's website-under questions
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Posted On: 03/12/2019 4:11:46 PM
just noticed from zn's website-under questions
"Following Zion’s disclosure of the SEC investigation, a putative class action (the “class action”) Complaint was filed against Zion, Victor G. Carrillo, the Company’s former Chief Executive Officer, and Michael B. Croswell, Jr., the Company’s Chief Financial Officer, in the U. S. District Court for the Northern District of Texas. An Amended Complaint was filed on January 22, 2019, and we anticipate filing a Motion to Dismiss on March 13, 2019. Four shareholder derivative suits were filed after the class action, one in state court in Dallas, Texas, and three in federal district court in Delaware. We believe these claims are frivolous and without merit, and we are waging a vigorous defense."
motion for summary judgment expected to be filed by zn tomorrow
the rest of the suits -the derivative suits- are not purportedly against zn but demanding that officers reimburse the company for certain things (maybe options or compensation-based on the lengthy whisteblower complaint filed by whats her name yolande ) and that internal controls re certain things be tightened
absent the complaint -and the sudden pps drop resulting from sec investigation prompted by the complaint those derivative suits would not exist
and auditors signed off on zn's internal controls subject to the usual boilerplate limitations of auditors
so its basically all a matter of disillusioned ppl due to pps drop due to sec investigation and no commercial well yet
"Following Zion’s disclosure of the SEC investigation, a putative class action (the “class action”) Complaint was filed against Zion, Victor G. Carrillo, the Company’s former Chief Executive Officer, and Michael B. Croswell, Jr., the Company’s Chief Financial Officer, in the U. S. District Court for the Northern District of Texas. An Amended Complaint was filed on January 22, 2019, and we anticipate filing a Motion to Dismiss on March 13, 2019. Four shareholder derivative suits were filed after the class action, one in state court in Dallas, Texas, and three in federal district court in Delaware. We believe these claims are frivolous and without merit, and we are waging a vigorous defense."
motion for summary judgment expected to be filed by zn tomorrow
the rest of the suits -the derivative suits- are not purportedly against zn but demanding that officers reimburse the company for certain things (maybe options or compensation-based on the lengthy whisteblower complaint filed by whats her name yolande ) and that internal controls re certain things be tightened
absent the complaint -and the sudden pps drop resulting from sec investigation prompted by the complaint those derivative suits would not exist
and auditors signed off on zn's internal controls subject to the usual boilerplate limitations of auditors
so its basically all a matter of disillusioned ppl due to pps drop due to sec investigation and no commercial well yet
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