American Films Announces Lawsuit Against Rightscorp and Potential Shareholder Rights Action

Rhea-AI Summary

American Films, Inc. (OTC PINK:AMFL) has filed a lawsuit against Rightscorp, Inc. and its CEO, Cecil B. Kyte, to recover over $15 million. The lawsuit claims that Rightscorp lured AFI into an acquisition transaction, using confidential information for profit. Additionally, AFI is considering a shareholder rights action against Rightscorp for the benefit of all its shareholders. The lawsuit was filed in the Circuit Court of Collier County, Florida (Case Number 2021-CA-000817). AFI employs proprietary technology like FACTERRA to enforce intellectual property rights.

Positive

• Lawsuit filed could recover over $15 million for AFI.
• Potential shareholder rights action may benefit all Rightscorp shareholders.

Negative

• Lawsuit suggests serious financial mismanagement by Rightscorp.
• Confidential information breach could pose reputational risks.

BAY HARBOR ISLANDS, FL / ACCESSWIRE / September 26, 2022 / American Films, Inc. (OTC PINK:AMFL) ("AFI" or the "Company") filed a lawsuit to recover in excess of $15 million against Rightscorp, Inc. and its CEO and Chairman Cecil B. Kyte ("Kyte"). The lawsuit alleges Rightscorp and Kyte lured AFI into a transaction to acquire Rightscorp, and then Rightscorp and Kyte used confidential information from the deal to reap a profit. AFI has retained Florida-based Shapiro, Blasi, Wasserman & Hermann, P.A. in connection with this matter (Case Number 2021-CA-000817, filed in the Circuit Court of the 20th Judicial Circuit in and for Collier County, Florida).

Furthermore, as a shareholder of Rightscorp, Inc. common stock, AFI is currently reviewing the possibility of initiating a shareholder rights action against Rightscorp, Inc. Any shareholder rights action would be brought for the benefit of all Rightscorp shareholders and the corporation, Rightscorp, Inc., itself. AFI has retained Nevada-based McDonald Carano LLP in connection with analyzing this matter.

About American Films

American Films owns, develops, and acquires intellectual property, which it seeks to monetize at higher rates through proprietary technology, rights enforcement, and asset digitization. Its unique proprietary processes and technology include FACTERRA, a web-based evidence gathering program that identifies instances of copyright infringement and allows American Films and others to enforce intellectual property rights. American Films supports the creative process and protects intellectual property in the film and music industries. For more information, visit https://americanfilms.us.

American Films Media Contacts
Tom Murphy
(508) 579-4716
info@americanfilms.us

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SOURCE: American Films, Inc.

View source version on accesswire.com:
https://www.accesswire.com/717233/American-Films-Announces-Lawsuit-Against-Rightscorp-and-Potential-Shareholder-Rights-Action

FAQ

What lawsuit has American Films, Inc. filed against Rightscorp, Inc.?

American Films, Inc. has filed a lawsuit seeking to recover over $15 million against Rightscorp, Inc. and its CEO, Cecil B. Kyte.

What are the allegations in the lawsuit by American Films?

The lawsuit alleges that Rightscorp and Kyte lured AFI into a transaction and misused confidential information for profit.

What is the case number for the lawsuit filed by American Films against Rightscorp?

The case number is 2021-CA-000817, filed in the Circuit Court of the 20th Judicial Circuit in Collier County, Florida.

What is the potential impact of a shareholder rights action mentioned by American Films?

The potential shareholder rights action could benefit all shareholders of Rightscorp, Inc.

What technology does American Films use to protect intellectual property?

American Films uses FACTERRA, a web-based program designed to identify copyright infringement and enforce rights.