Business
Rocky Mountain High Brands, Inc. Vehemently Denies False and Disparaging Claims by Disgruntled Investor and Plans to Vigorously Prosecute its Claims
Rocky Mountain High Brands, Inc. Vehemently Denies False and Disparaging Claims by Disgruntled Investor and Plans to Vigorously Prosecute its Claims.
About this update from Rocky Mountain High Brands, Inc.
[{"type":"text","content":"\n\n DALLAS, April 21, 2016 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTC PINK:RMHB) today vehemently denied the false, malicious, and defamatory allegations asserted by the Shareholder Alert inappropriately released yesterday by the Law Office of A.A. McClanahan. Because that Alert misrepresented the status of litigation and misstated critical facts, the Company has requested the Law Office of A.A. McClanahan to formally, through a press release, issue a retraction of the Shareholder Alert Press Release which was submitted and released yesterday, April 20, 2016.\n The Company will continue to vigorously prosecute claims against Roy J. Meadows and Donna Rayburn as set forth below, and in addition will amend its Florida lawsuit to seek more than $20 Million in damages and disgorgement of Meadows and Rayburn profits on questionable trading activities. As disclosed in the Company’s recent Form 10 filing, RMHB previously filed an action against Donna Rayburn and Roy Meadows in the 44th Judicial District Court of Dallas County, Texas. Rocky Mountain High Brands, Inc. (RMHB) FKA Totally Hemp Crazy, Inc. V.  Donna Rayburn and Roy J. Meadows, Case #DC-16-02131. The suit generally states that:  RMHB and Rayburn entered into a convertible promissory note dated February 2, 2015 for the original principal amount of $165,000 (with a $5,000 original issue discount).  On August 29, 2015, RMHB paid to Rayburn $197,773.95, representing return of principal and interest earned during the life of the loan.  On February 19, 2016, Rayburn issued an additional demand of interest and penalties totaling $99,487.92.  Rayburn has charged $137,261.87 in interest and penalties on a $160,000 loan for one year and 17 days for an effective annual interest rate of 85.77%.  As additional consideration for the note, RMHB was required to issue a warrant to Rayburn for 10,000,000 of common stock. RMHB sued Rayburn for violation of Florida Usury Laws.  RMHB seeks a cancellation of the note and additional monetary recovery in the total amount paid to Rayburn, plus additional recovery for all usurious interest charged.  RMHB also seeks to void the warrant for 10,000,000 shares of common stock, which was issued under a voidable note.  The amount which RMHB seeks from Rayburn is in excess of $300,000. On Mar...