HPIL HOLDING SUES POWER UP LENDING GROUP LTD AND OTHER AFFILIATED ENTITIES AND INDIVIDUALS IN NEW YORK FEDERAL COURT

Rhea-AI Summary

HPIL Holding (OTC: HPIL) has filed a lawsuit against multiple entities, including Power Up Lending Group Ltd, for alleged violations of Federal Securities and RICO Laws. CEO Stephen Brown stated that the current management is focused on unwinding damaging deals made by prior management. The company has also filed its financial disclosures and expects to finalize last quarter reports by April 30, 2022. HPIL aims to protect shareholder interests and will pursue further legal actions against similar entities involved in allegedly unlawful transactions.

Positive

• Filed complaint to address alleged unlawful transactions, signaling proactive management.
• Current management has filed financial disclosures and plans to complete quarterly reports by April 30, 2022.
• Commitment to protect shareholders and pursue legal actions against illegal trading activities.

Negative

• Previous management's actions likely resulted in unlawful transactions that harmed shareholders.
• Ongoing legal issues may pose a risk to company resources and focus.

Company Continues to Unwind Deals entered into by Prior Management

VANCOUVER, Canada, April 25, 2022 /PRNewswire/ -- HPIL Holding (OTC: HPIL), announced that on April 22, 2022, HPIL filed a complaint in the United States District Court Eastern District of New York, Case Number 2:22-cv-02287 against Power Up Lending Group Ltd, Asher Enterprises Inc, Geneva Roth Remark Holdings Inc, Hope Capital Inc, KBM Worldwide Inc, Redstart Holdings Corp, Sixth Street Lending LLC, Vis Vires Group Inc, Curt Kramer and Seth Kramer for multiple alleged violations of Federal Securities and RICO Laws. Shareholders can review the complaint at this link: https://indd.adobe.com/view/74b267fa-cad1-4e81-a660-11e6a1f88c19

"I am please to say that the current filings both disclosures and Financials have been filed with the OTC and the Attorney letter will be filed no later than Tuesday April 26^th, 2022. We are also confident that the last quarter for the year end of 2021 will be filed before April 30th, 2022", said Stephen Brown CEO

"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 POWER UP LENDING GROUP LTD and their affiliates 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".

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

 

View original content:https://www.prnewswire.com/news-releases/hpil-holding-sues-power-up-lending-group-ltd-and-other-affiliated-entities-and-individuals-in-new-york-federal-court-301531916.html

SOURCE HPIL Holding

FAQ

What lawsuit has HPIL filed recently?

HPIL has filed a lawsuit against Power Up Lending Group Ltd and several related entities for alleged violations of Federal Securities and RICO Laws.

When did HPIL file its lawsuit?

HPIL filed its complaint on April 22, 2022.

What is the main issue addressed in the HPIL lawsuit?

The lawsuit addresses alleged unlawful transactions conducted by prior management that have negatively impacted shareholders.

What financial updates did HPIL provide?

HPIL stated that its financial disclosures have been filed and that it expects to file its last quarter reports by April 30, 2022.

What is CEO Stephen Brown's stance on the lawsuit?

CEO Stephen Brown emphasized the company's commitment to protecting shareholders and pursuing legal action against illegal trading activities.