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News Breaks
July 7, 2014
09:32 EDTNEWLNewLead files claims against Ironridge seeking damages in excess of $125M
NewLead announced that on June 23, in arbitration proceedings currently pending between the Company and Ironridge Global, the company filed claims against Ironridge for breach of contract, fraudulent inducement of contract and fraud, securities market manipulation and misrepresentation in violation of United States federal securities laws, unjust enrichment, seeking disgorgement of short-swing profits, damages in excess of $25M, punitive damages in excess of $100M, and reimbursement of legal costs and the costs of the arbitration. NewLead has also requested that the arbitration tribunal declare that the agreement between NewLead and Ironridge is terminated and/or void ab initio, and that Ironridge has no entitlement to the issuance of additional common shares of NewLead.
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