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| RMHB Ups the Stakes in Filing of New Motion in Ongoing Lawsuit |
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 Hot Stock to Watch |
Company: Rocky Mountain High Brands Inc. (Pink Sheets: RMHB)
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Last:
Price: 0.034
Change (%): - 0.0005 (1.59)
Volume: 352,715 |
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Rocky Mountain High Brands, Inc. Files Motion in Florida State Court to Add Claims against Roy J. Meadows for Usury and Defamation, Seeking more than 25 Million Dollars in Damages and Disgorgement of Meadows Profits on Questionable Trading Activities
DALLAS, Aug. 17, 2016 (GLOBE NEWSWIRE) - Rocky Mountain High Brands, Inc. (OTC PINK:RMHB) announced today that on Tuesday, August 16, 2016, the Company filed a motion in Florida State Court asking the Judge to allow the Company to assert claims against Roy J. Meadows for defamation and usury relating to certain loans he made to the Company. With those claims, RMHB will seek damages exceeding 25 million dollars, including disgorgement of profits on sales of Company stock.
As disclosed in the Company’s recent Form 10 filing, RMHB previously filed a Complaint against Roy J. Meadows in the Circuit Court of the Eighteenth Judicial Circuit, Seminole County, Florida styled Rocky Mountain High Brands, Inc. v. Meadows, Case No. 2016-CA-000958-15-W. In its initial complaint, RMHB was primarily focused on preventing Meadows from improperly arbitrating certain purported disputes at his house before a non-lawyer.
Now, RMHB also seeks to assert claims against Mr. Meadows for usury and defamation. The Amended Complaint, which was attached to the Company’s Motion for Leave, generally alleges that The Exchange Agreement and Notes violate the usury laws of the State of Florida and seeks forfeiture of the right to collect any interest, forfeiture of right to collect the debt, forfeiture of double the interest paid by Plaintiff to Defendant, and the return to Plaintiff of any amounts paid, including but not limited to the cancellation and/or rescission of any and all warrants and other equity issued to Defendant as part of any debt-to-equity swap under the Exchange Agreement or otherwise as consideration for the Notes.
Further, RMHB will seek damages for defamation stemming from Mr. Meadows’s false public statements issued in April. At that time, Mr. Meadows published false statements of fact about the Company and supposedly pending claims against it that caused damage to the Company’s reputation, caused its stock value to decline, and deterred third-parties from investing. RMHB now seeks to hold Mr. Meadows accountable for his false statements.
In summation, RMHB’s Amended Complaint will demand the forgiveness of all debt owed to Mr. Meadows, cancellation of all his warrants, the return of the Series C preferred shares held by Mr. Meadows, disgorgement of all profits earned by Mr. Meadows as a result of his usurious notes, disgorgement of profits on trading RHMB common stock, a penalty of double the interest charged, and damages for his defamation of the Company. Total damages sought from Mr. Meadows exceed 25 million dollars.
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