Current Report Filing (8-k)
May 27 2014 - 8:48AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 22, 2014
SCRIPSAMERICA, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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000-54550 |
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26-2598594 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
Corporate Office Centre Tysons II, 1650 Tysons
Boulevard, Suite 1580, Tysons Corner, VA 22102
(Address of Principal Executive
Offices)(Zip Code)
Registrant’s telephone number, including
area code: (800) 957-7622
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On May 22, 2014, the
Registrant filed a lawsuit against Ironridge Global IV, Ltd. (“Ironridge”), its principals and certain other defendants
in the Federal district court for the Central District of California. In this lawsuit, the Registrant alleges against Ironridge
(i) securities fraud under Section 10(b) of the Securities Exchange Act and Rule 10b-5, (ii) breach of contract and (iii) tortious
bad faith. This lawsuit stems for a transaction entered into between Ironridge and the Registrant in November 2013, which transaction
was disclosed in a Current Report on Form 8-K filed by the Registrant on November 19, 2013.
In that November 2013
transaction, the Registrant issued to Ironridge 8,690,000 shares of its common stock in settlement
of bona fide claims against the Registrant which were purchased by Ironridge from various creditors of the Registrant (the “Claim
Amount”). The shares issued to Ironridge were freely tradable and exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 3(a)(10)
of the Securities Act. The number of shares issued to Ironridge is subject to an adjustment
based on the trading price of the Registrant’s stock such that the value of the shares is sufficient to cover the Claim Amount,
a 10% agent fee amount and Ironridge’s reasonable legal fees and expenses ( the “Final Amount”), which Final
Amount is equal to $766,238.29. The issuance of the shares was pursuant to a court order issued by the California Superior
Court for the County of Los Angeles.
On two separate occasions,
February 10, 2014 and April 4, 2014, Ironridge made a request for additional shares as a result of the adjustment provisions under
the stipulation in the court order issued by the California Superior Court (the “Stipulation”).
The Registrant has
filed this lawsuit because, in the Registrant’s view, Ironridge breached several material representations it made to the
Registrant prior to the November 2013 transaction described above on which the Registrant relied. For example, Ironridge told the
Registrant that (i) Ironridge would only be eligible for a single final adjustment to the number of shares it could receive if
the Registrant’s stock decreased below a certain price due to non-stock trading factors (such as short selling or timed stock
trades) and (ii) Ironridge would not take any action to affect the Registrant’s stock price. The Registrant has uncovered
facts that shows, in the Registrant’s view, that these representations have been breached.
The Registrant is
seeking (a) a declaratory judgment from the court that would excuse the Registrant from issuing any more shares under the Stipulation,
(b) compensatory damages (to the extent the Registrant can prove such damages), (c) attorneys’ fees and court costs for this
action and (d) punitive damages.
The Registrant believes
that an adverse determination in this lawsuit will not have a material effect on its results of operations.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SCRIPSAMERICA, INC. |
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Date: May 27, 2014 |
By: |
/s/ Robert Schneiderman |
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Robert Schneiderman |
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Chief Executive Officer |
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