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Rocky Mountain High Brands Announces Summary Judgment Against LSW Holdings, LLC, Allowing Cancellation of Series A Preferred Stock
Rocky Mountain High Brands Announces Summary Judgment Against LSW Holdings, LLC, Allowing Cancellation of Series A Preferred Stock.
About this update from Rocky Mountain High Brands, Inc.
[{"type":"text","content":"\nDALLAS, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTCQB: RMHB), a fully reporting lifestyle brand management company specializing in high-quality health and wellness products, announced today that on October 26, 2018, the District Court for Dallas County, Texas (the “Court”) entered a summary judgment order in our favor of Rocky Mountain High Brands, Inc and against LSW Holdings, LLC (“LSW”) in the case entitled Rocky Mountain High Brands, Inc. f/k/a Republic of Texas Brands, Inc. v. Radcliffe, et al; Case Number DC-18-013491. \n This case is a continuation of the Company’s ongoing litigation which began in the Court as Rocky Mountain High Brands, Inc. f/k/a Republic of Texas Brands, Inc. v. Jerry Grisaffi, et al; Case Number DC-17-15441. In this litigation, the Company sought the cancellation of Series A Preferred Stock (“Series A”) issued to Grisaffi, our former Chairman of the Board, and common stock issued to certain other defendants or later obtained by certain other defendants for little or no consideration paid to the Company. After the Court’s entry of final judgment against Grisaffi on August 30, 2018, the remainder of the case was severed and docketed as a new case – Case Number DC-18-013491. In its Order dated October 26, 2018, the Court ruled that the Company’s Employment Agreement with Mr. Grisaffi dated April 1, 2013, and all stock or other instruments issued on the basis or authority of that Employment Agreement, are void ab initio and of no force and effect. Accordingly, the Court further ruled that the 1,000,000 shares of Series A, which were originally issued to Grisaffi and then later transferred to LSW, are of no force and legal effect. This action, taken by the Court, allows the Company to cancel the Series A Preferred Stock. Finally, the Court granted additional summary judgment against LSW and Lily Li and in Rocky Mountain High Brands' favor on LSW’s and Li’s counterclaims in which they sought a Declaratory Judgment that the Series A stock was valid and enforceable and that Rocky Mountain High Brands' issuance of Series E Preferred Shares and actions taken thereunder were invalid; and that Rocky Mountain High Brands breached a contract with LSW. The Company’s other claims against LSW and the other...