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Big Law

RocketFuel Receives $3.6 Million of its Shares in Settlement After Lawsuit with Former Director

RocketFuel Blockchain, Inc. (OTC QB: RKFL), a global provider of payment solutions via bank transfers and cryptocurrencies, announced that it settled its lawsuit against former director Joseph Page, who returned to RocketFuel 3,600,394 shares of its common stock. The shares have been returned to treasury and cancelled, resulting in a reduction in outstanding shares of over 11%. RocketFuel did not pay for the return of the shares. Mr. Page also agreed to dismiss with prejudice all of his counterclaims against RocketFuel, certain officers and directors and RocketFuel’s counsel. With the dismissal, RocketFuel no longer has any lawsuits pending against it.

“We are pleased to have settled this litigation, with the very favorable result that we have received back over 3.6 million of our shares, representing a significant percentage of our equity,” said Peter Jensen, CEO of RocketFuel. “By reducing our outstanding shares by over 11%, we believe that our shareholders are receiving an immediate increase in the equity value of the shares.”

Read the source article at Yahoo Finance

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