Enzolytics Inc. Announces Litigation Success, Accounting Progress and Removal of "Yield" Sign on OTC Markets Stock Quotes
Enzolytics, Inc. (OTC PINK:ENZC) achieved a legal victory by having a frivolous lawsuit dismissed by a Delaware Federal Court, protecting shareholder interests. The court ruled that the plaintiff's claims regarding 10 million allegedly stolen shares were not plausible. Additionally, the company has hired Gries and Associates, LLC to expedite its 2020-2021 audit after terminating its previous accounting firm. Enzolytics successfully removed the 'Yield' sign from its stock symbol, attaining 'Pink Current Reporting' status with OTC Markets, enhancing corporate transparency and investor confidence.
- Successful dismissal of a meritless lawsuit, which protects shareholder value.
- Engaged a new accounting firm to expedite financial audits for 2020 and 2021.
- Removed 'Yield' sign from stock symbol, achieving 'Pink Current Reporting' status.
- None.
COLLEGE STATION, TX / ACCESSWIRE / September 14, 2022 / Enzolytics, Inc. (OTC PINK:ENZC) or the "Company" announces the successful conclusion, in a Delaware Federal litigation, 21-CV-01163-RGA, brought by Peter Mergenthaler against Enzolytics. Enzolytics' Motion to Dismiss was granted by the Federal District Court terminating the case. In the case, an ENZC shareholder sought to require the Company to replace 10,000,000 ENZC shares that Plaintiff claimed were allegedly stolen by third parties. The Court found "that Plaintiff has not stated a plausible claim to relief" and as a result, the Court granted Enzolytics' Motion to Dismiss. The case is now terminated.
"The Judge's decision in this frivolous case is a victory for all our shareholders," said ENZC CEO Charles Cotropia. "This lawsuit was wrongfully brought, making it necessary for the Company to defend against a meritless claim. Taking such action is necessary to protect shareholder value. We must remain diligent and defend against any such attempts that degrade shareholder value."
"While we are pleased with the relief and outcome of the litigation, our true focus and effort are on our science and technology where we are continuing to make great strides as to all therapeutic platforms," added Cotropia.
Additionally, the Company announces that it has formally engaged the accounting firm of Gries and Associates, LLC, of Denver, Colorado, upon termination of the firm MaloneBailey LLP, to complete the two-year audit for 2020 and 2021. "We are extremely pleased to have the expertise of Gries and Associates focused on our audit and to accelerate progress in completing it. Completing a full audit is a primary objective, and we are focused on achieving this goal," said CEO Charles Cotropia.
The Company also announces it has taken all action necessary to remove the "Yield" sign from its stock symbol page provided by OTC Markets. The Company is taking every step necessary to ensure future compliance with listing requirements. Enzolytics recently submitted all necessary documentation with OTC Markets to be designated as a company in the "Pink Current Reporting" tier. As a result, OTC Markets removed the "Yield" sign this week.
"We are pleased we have now received the 'Pink Current Reporting' status," said Enzolytics CEO Charles Cotropia. "This is the result of the continuing effort of our team to improve our corporate standing and exhibit increasingly higher standards of corporate transparency. Investors can confidently access information about our company and analyze the value and potential of Enzolytics, Inc.", said Mr. Cotropia.
"We continue to make progress with our multiple clinical products and therapies," he said. "We are striving to demonstrate Enzolytics is worthy of high confidence, and we are committed to openly communicating with our shareholders as we make great progress."
Safe Harbor Statement: This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. from time to time in its periodic reports filed with the SEC.
While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to establish the efficacy of its therapeutics in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of its therapeutics in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.
Such forward-looking statements are based on current expectations. They involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release. The Company expressly disclaims any intention or obligation to update the forward-looking statements or update the reasons why actual results could differ from those projected in the forward-looking statements.
Company Contact:
Enzolytics, Inc.
www.enzolytics.com
info@enzolytics.com
SOURCE: Enzolytics, Inc.
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