ORLANDO, Fla., April 20, 2016 (GLOBE NEWSWIRE) -- The Law Office of A.A. McClanahan Jr., announces it has commenced civil litigation t for fraudulent misrepresentation to shareholders as to its shares of stock, and the acquisition of capital from third party investors along with the purposeful devaluation of company’s assets with possible damages in excess of $3 million as to two of its third party investors. The Principal Claimants are Roy Meadows and Donna Rayburn with claims founded upon breaches of Demand Convertible Promissory Notes and beaches of an Exchange Agreement.
On April 15th, 2016, Rocky Mountain High Brands, Inc. (OTC:RMHB) was named in litigation in Seminole County, Florida, in the Eighteenth Judicial District that disputed actions taken by the Board and made demand for repayment of promissory notes and exchange agreements that total $2,947,093.99. An additional action was brought by Donna Rayburn for default under a Demand Convertible Promissory Note. The company defaulted on the promissory notes in an amount in excess of $2,000,000 and an Exchange Agreement for a dollar for dollar exchange of shares of a new class of preferred stock, Preferred Class C.
Rocky Mountain High Brands, Inc., a Nevada Corporation with its principal business operations being located in Texas, named Roy Meadows a “Control Person” which is contrary to the latest quarterly report filed and represents a fraudulent misrepresentation of facts to future investors. Further, the several reports which have been filed contain misrepresentations as to the debts and assets of the company. There are presently pending claims against the company for Fraudulent Misrepresentations; Breach of the Demand Convertible Promissory Notes, Breach of the Exchange Agreement, Fraud by Concealment, Conspiracy to Commit Fraud by the Company and its Officers and Directors, Violations of the Deceptive and Unfair Trade Practices Act along with other claims. Additionally, there is pending an action for temporary injunction to prevent the further dilution of the assets and stock of the company, actions which the Company, officers and directors undertook and which has been in process since the adjournment of the Binding Arbitration Proceeding. There is further pending a Third Party Complaint naming the Officers and Directors founded upon claims of fraud, conspiracy and conversion which will be filed Wednesday, April 19, 2016.
For additional information please contact A.A. McClanahan Jr., Esq. either via email at firstname.lastname@example.org or by telephone at (407) 322-6012.
Source:McClanahan Law Office