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Enzolytics Inc. Announces Litigation Success, Accounting Progress and Removal of "Yield" Sign on OTC Markets Stock Quotes
Enzolytics Inc. Announces Litigation Success, Accounting Progress and Removal of "Yield" Sign on OTC Markets Stock Quotes.
About this update from Enzolytics Inc.
[{"type":"text","content":"COLLEGE STATION, TX / ACCESSWIRE / September 14, 2022 / Enzolytics, Inc. (OTC PINK:ENZC) or the "Company" announces the successful conclusion, in a Delaware Federal litigation, 21-CV-01163-RGA, brought by Peter Mergenthaler against Enzolytics. Enzolytics' Motion to Dismiss was granted by the Federal District Court terminating the case. In the case, an ENZC shareholder sought to require the Company to replace 10,000,000 ENZC shares that Plaintiff claimed were allegedly stolen by third parties. The Court found "that Plaintiff has not stated a plausible claim to relief" and as a result, the Court granted Enzolytics' Motion to Dismiss. The case is now terminated. "The Judge's decision in this frivolous case is a victory for all our shareholders," said ENZC CEO Charles Cotropia. "This lawsuit was wrongfully brought, making it necessary for the Company to defend against a meritless claim. Taking such action is necessary to protect shareholder value. We must remain diligent and defend against any such attempts that degrade shareholder value." "While we are pleased with the relief and outcome of the litigation, our true focus and effort are on our science and technology where we are continuing to make great strides as to all therapeutic platforms," added Cotropia.Additionally, the Company announces that it has formally engaged the accounting firm of Gries and Associates, LLC, of Denver, Colorado, upon termination of the firm MaloneBailey LLP, to complete the two-year audit for 2020 and 2021. "We are extremely pleased to have the expertise of Gries and Associates focused on our audit and to accelerate progress in completing it. Completing a full audit is a primary objective, and we are focused on achieving this goal," said CEO Charles Cotropia.The Company also announces it has taken all action necessary to remove the "Yield" sign from its stock symbol page provided by OTC Markets. The Company is taking every step necessary to ensure future compliance with listing requirements. Enzolytics recently submitted all necessary documentation with OTC Markets to be designated as a company in the "Pink Current Reporting" tier. As a result, OTC Markets removed the "Yield" sign this week."We are pleased we have now received the 'Pink Current Reporting' sta...