APPLIED ENERGETICS, INC. (OTCMKTS:AERG) Files An 8-K Other EventsItem 8.01 – Other Events
Commencement of Litigation Against Prior Management and Related Parties
In its Current Report on Form 8-K, filed April 9, 2018, Applied Energetics, Inc. indicated that its management was engaged in corporate due diligence on previous company financial and stock transactions with particular attention on large dilutive events, including issuance of shares that were registered on the Company’s Registration Statement on Form S-1 and as executive compensation from March 2, 2015.
On July 3, 2018, having determined that sufficient evidence existed of wrongdoing by prior management, with our legal counsel, Enterprise Counsel Group, located in Irvine, CA and our Delaware counsel located in Wilmington, DE, we commenced a lawsuit in the Court of Chancery of the State of Delaware.
In connection with the lawsuit, we have filed a Verified Complaint with the following six causes of action:
|1.||Breach of Fiduciary Duty of Loyalty against George Farley|
|2.||Breach of Fiduciary Duty of Care against George Farley|
|3.||Aiding and Abetting Breach of Fiduciary Duty against AnnMarieCo LLC (“AMC”)|
|4.||Conversion against George Farley|
|5.||Fraudulent Transfer against George Farley and AMC|
|6.||Injunctive Relief against George Farley and AMC|
We have also filed for a Temporary Restraining Order to prohibit the shares indicated in the complaint to be transferred or sold until the court makes a final judgement.
Item 9.01 Exhibits
99Copy of introduction to verified complaint and TRO. (Complete copies of the complaint and TRO are available on the State of Delaware Chancery Court website at https://morrisjames.sharefile.com/d-s21445985f9842f19)
About APPLIED ENERGETICS, INC. (OTCMKTS:AERG)
Applied Energetics, Inc. is a shell company. The Company focuses on reactivating its previous business activities. The Company was engaged in the design, development and manufacture of applied energy systems for military and commercial applications and ultra-short pulse lasers and high voltage lasers for commercial applications. The Company is seeking to sell or license its technology. The Company is focusing on developing ultra-short pulse lasers (UPS). It is preparing for the next stage of laser guided energy (LGE) development that involves the development of USP laser technologies. These lasers will allow for LGE weapon systems to be mounted on mobile platforms for multiple anti-terrorist missions, including counter measures against drones and other hostile inbound objects, counter-improvised explosive devices (C-IED) and vehicle stopping, among others.