Business
PPJ Enterprise to seek new trial following decision in collection lawsuit
PPJ Enterprise to seek new trial following decision in collection lawsuit.
About this update from Ppj Healthcare Enterprises, Inc.
[{"type":"text","content":" \n\nRENO, Nev., Sept. 22. 2014 – PPJ\nEnterprise (OTC Pink: PPJE) (PINKSHEETS: PPJE) plans to seek a new trial\nfollowing the verdict in its collection lawsuit against a Santa Clarita-based\nphysician and former company board member. \n\nA jury on Friday awarded PPJ Enterprise nearly $300,000 in\nits suit against Dr. Narinder Grewal. The company had been seeking more than $3\nmillion it claimed Grewal had improperly obtained from company coffers during\nthe period of 2001-07.\n\nCompany officials say they plan to seek a new trial based on\ninconsistencies in the jury’s findings as well as potential juror error in\ndetermining the amount of punitive damages while jury findings regarding fraud\ncommitted by Grewal was ruled in the suit. PPJ Enterprise has also indicated it\nbelieves there been multiple instances of admitted\nevidence tampering in the case. \n\n“We are obviously disappointed with the outcome,” PPJ\nEnterprise CEO Chandana Basu said of the decisions, which was announced Friday\nin Los Angeles Superior Court. “However, we do feel vindicated that the jury\nruled that there were improper activities on the part of Dr. Grewal. The Company\nwill be seeking a new trial in this case.”\n\nAs part of its ruling, the jury found that Grewal was in\nbreach of contract with PPJ Enterprise but no damages were awarded and for\nbreach of his fiduciary duties as a member of the company’s board of directors\n$300,100 was awarded. \n\nIn addition, the jury agreed with PPJ Enterprise’s assertion\nthat Grewal utilized the company’s trade secrets. However, jurors only awarded\nthe company $1 in damages on that count.\n\nDespite, the verdict, Basu remained optimistic about the\ncompany’s financial outlook.\n\n“At this point, we are looking forward to the future with a\ntremendous amount of optimism as PPJ Enterprise is in a position to take\nadvantage of several promising opportunities to grow as a company and increase\nrevenues,” Basu said.\n\nAs always, PPJE management advises shareholders, company\nfollowers and prospective investors to contact their financial advisors if they\nhave any questions or concerns about their individual accounts and investment\nchoices.\n\nRegarding other news and events, the company reminds its\nfollowers to monitor OTC Markets filings tab for further newsworthy events and\ncorporate updates, which wil...