Business
LiveWire Ergogenics Prevails in Lawsuit with New York Lender
LiveWire Ergogenics Prevails in Lawsuit with New York Lender.
About this update from Livewire Ergogenics, Inc.
[{"type":"text","content":"LiveWire Ergogenics Inc. (OTC: LVVV), a health and wellness company with a focus on special purpose real-estate acquisitions and the licensing and management of high-end and permitted facilities and operations to provide cannabis-based products and services in California announced today that it has prevailed in a long-lasting lawsuit with America E Group. On January 28, 2020, United States District Court Judge Gregory H. Woods of the United States District Court for the Southern District of New York issued an opinion and order in the action entitled, American E Group LLC v. Livewire Ergogenics Inc. (18-civ-3969) that granted Livewire Ergogenics Inc’s (“Livewire”) motion to dismiss all of Plaintiff American E Group’s (“AEG”) claims against Livewire. The Court also denied AEG any attempt to reassert its claims because any attempt to do so would be “futile.” AEG’s dismissed claims sought the recovery of principal and interest and issuance of Livewire stock as consideration for a loan that had been made to the Company. The Court held that AEG’s loan to Livewire was criminally usurious, and therefore, void under New York law. Livewire’s counterclaims against AEG for aiding and abetting breach of fiduciary duty, breach of implied covenant of good faith and fair dealing and civil conspiracy are still pending. Livewire is represented in this lawsuit by Ryan J. Whalen of Gusrae Kaplan Nusbaum PLLC in New York. About LiveWireLiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinary health and wellness industry. The Company is focused on acquiring, managing and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its “7X Pure” Cannabis Verification System, the development, licensing and distribution of legal and high-quality cannabinoid-based products and services and the creation of the high-quality \"Estrella Weedery\" brand. LiveWire Ergogenics does not produce, sell or distribute products that are in violation of the United States Controlled Substance Act. ...