Timothy Brady v. Delta Energy & Communications Inc., Scott Foster, John Hendrick, and Does 1-20, inclusive
Published: Aug. 30, 2024 | Filing Date: Nov. 1, 2021 |Case number: 5:21-cv-01843-FWS-SHK Bench Decision – $3,500,000
Judge
Attorneys
Plaintiff
H. Troy Romero
(Romero Park PS)
Defendant
Manuel G. Berrelez
(Vinson Elkins LLP)
Facts
In November 2021, Plaintiff Timothy Brady brought an action against Defendant Delta Energy & Communications, alleging Securities Exchange Act violations. Plaintiff had made three investments, totaling $1.6 million in convertible notes, in reliance on Defendant's representations that $4 million in Series A investments were imminent and that Delta had secured several large customers interested in its technology. Defendant never repaid the loans.
Contentions
PLAINTIFF'S CONTENTIONS: Plaintiff alleged that Defendant engaged in negligent and intentional misrepresentation, breach of contract, and fraud in violation of the Securities Exchange Act.
DEFENDANT'S CONTENTIONS: Defendant denied all contentions.
Result
Judgment has been entered for Plaintiff and against Delta in the amount of $3.5 million, inclusive of interest, attorneys' fees and costs.
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