HPIL HOLDING FILES CASE AGAINST GPL VENTURES, LLC IN NEW YORK FEDERAL COURT FOR $16,000,000.00

Rhea-AI Summary

HPIL Holding (OTC: HPIL) has filed a lawsuit against GPL Ventures, LLC, seeking $16,000,000 for alleged violations of Federal Securities and RICO laws. Following a management takeover, CEO Stephen Brown stated that prior transactions have adversely impacted shareholders. The lawsuit aims to address these unlawful transactions and to hold accountable those involved in illegal trading that harms retail investors. The SEC has also recently sued GPL Ventures for similar issues, highlighting the seriousness of the allegations. HPIL is committed to enhancing shareholder value through this legal action.

Positive

• Management is actively addressing past unlawful transactions.
• The lawsuit could potentially recover $16 million for the company and shareholders.

Negative

• Prior management's actions may have significantly harmed shareholder value.

Company Seeks to Start Unwinding Bad Deals entered into by Prior Management

VANCOUVER, BC, April 11, 2022 /PRNewswire/ -- HPIL Holding (OTC: HPIL), announces that it has filed complaint against GPL Ventures, LLC, Alexander Dillon and Cosmin Panait, seeking $16,000,000 for multiple alleged violations of Federal Securities and RICO Laws. Shareholders can review the complaint at this link after 9:00, AM PST: www.hpilholding.ca/gpl.

"When we took over management of this company, we have been faced with numerous challenges including cleaning up the company's filings and reviewing transactions that prior management entered, transactions that ultimately hurt our shareholders. Our management team concluded that the company's prior transactions with GPL were likely unlawful, both under state and federal law. HPIL is sending a clear message that we are not going to sit back and allow the [alleged] illegal transactions referenced in the complaint to damage our shareholders," said CEO Stephen Brown. "Our board is in unanimous agreement to support our litigation team 100% with any resources it requires and to identify and pursue participants in illegal trading activity of our stock, which injures small retail shareholders supporting the growth of companies like our own. This action is one of several lawsuits the company expects to bring against similar funders it had done deals with. We are committed to our shareholders and will be announcing even more steps to bring value back to the company."

The company notes that GPL Ventures, LLC has been recently sued by the Securities & Exchange Commission based on certain violations of the Securities Act and that the SEC's claims and issues are similar to those that we allege. (See Securities & Exchange Commission v. GPL Ventures, Alexander Dillon, Cosmin I. Panait, et al. case no. 21-cv-6814 (SDNY).

About HPIL Holding:

HPIL is a worldwide diversified company developing projects with cutting edge technology that strongly believes in its slogan: WHERE THE HUMAN ELEMENT MEETS THE FUTURISTIC MIND.

Safe Harbor: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filing.

For more information:
Stephen Brown, CEO 
+1 778-819-1956
info@hpilholding.ca 
www.hpilholding.ca

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SOURCE HPIL Holding

FAQ

What is the lawsuit filed by HPIL against GPL Ventures about?

HPIL is suing GPL Ventures for $16 million due to alleged violations of Federal Securities and RICO laws.

How does the lawsuit affect HPIL shareholders?

The lawsuit aims to address past unlawful transactions that negatively impacted shareholders, potentially recovering funds.

When was the lawsuit against GPL Ventures filed by HPIL?

The lawsuit was filed on April 11, 2022.

What amount is HPIL seeking from GPL Ventures?

HPIL is seeking $16 million from GPL Ventures.

What were the allegations against GPL Ventures?

The allegations include multiple violations of Federal Securities and RICO laws.