SPYR, INC. (OTCMKTS:SPYR) Files An 8-K Other Events

SPYR, INC. (OTCMKTS:SPYR) Files An 8-K Other Events
Item 8.01 Other Events.

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On June 18, 2018 the Company was named as a defendant in a case filed in the United States District Court for the Southern District of New York: Securities and Exchange Commission vs. Joseph A. Fiore, Berkshire Capital Management Co., Inc., and Eat at Joe’s, Ltd. n/k/a SPYR, Inc. Joseph A. Fiore is the Chairman of our Board of Directors and a significant shareholder. The suit alleges that Mr. Fiore, during 2013 and 2014, while he was the Company’s Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors, engaged in improper conduct on behalf of the defendants named in the case related to the Company’s sales of securities in Plandai Biotechnology, Inc. The Commission alleges that Mr. Fiore and the Company unlawfully benefited through the sales of those securities. The Commission also alleges that from 2013 to 2014, the Company’s primary business was investing and that it failed to register as an investment company, resulting in an alleged violation of Section 7(a) of the Investment Company Act of 1940. The suit seeks to disgorge Joseph A. Fiore, Berkshire Capital Management Co., Inc., and the Company of alleged profits on the sale of the securities and civil fines related to the Company’s failure to register as an investment company with the Commission.

The Company vehemently denies any wrongdoing.The allegations demonstrate a fundamental misunderstanding of existing precedent and a mischaracterization of the facts and transactions at issue, which were not violative of any securities laws, rules or regulations. The Company will answer these allegations in court.

The Company is being represented by Alex Spiro, Esq., a partner with the firm of Quinn Emmanuel, Urquhart & Sullivan, LLP and Marc S. Gottlieb, Esq., a partner with the firm of Ortoli Rosenstadt LLP.


About SPYR, INC. (OTCMKTS:SPYR)

SPYR, Inc., formerly Eat At Joe’s, Ltd., acts as a holding company. The Company is focused on developing a portfolio of subsidiaries, which is not limited by any particular industry or business. It operates in two segments: Digital Media and Restaurant. The Digital Media segment includes developing, publishing, co-publishing and marketing mobile games and applications. The Restaurant segment includes owning and operating an American Diner theme restaurant called Eat at Joe’s. Through its subsidiary, SPYR APPS, LLC (SPYR APPS), it operates a mobile games business. SPYR APPS is focused on the development and publication of its own mobile games, as well as the publication of games developed by third-party developers. It has developed and published games, which are available in the Apple app store and Google play store. It has also entered into approximately two co-publishing agreements for two additional games. Through E.A.J.: PHL Airport, Inc., it owns and operates a theme restaurant.

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