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by Mike Caswell
Carbon Friendly Solutions Inc. has agreed to pay $15,000 to settle a lawsuit it faces from Rahamin Amram, a shareholder who complained that his shares went down in value after the company's president, Stan Lis, said the stock would hit $10. The settlement, which "does not reflect any liability" by either party, comes after a mediation hearing held on July 27, 2012. Mr. Amram has agreed to withdraw the suit within 30 days of receiving payment.
The case began on May 17, 2012, when Mr. Amram filed a notice of claim in the Provincial Court of British Columbia against both Mr. Lis and Carbon Friendly. According to the suit, he bought Carbon Friendly shares after Mr. Lis told him that "major things were about to happen with the company and that the shares were going to appreciate greatly in value." Mr. Lis also represented that the shares were hard to obtain, but he would cross his own shares to Mr. Amram, the suit stated.
Mr. Amram purchased 297,000 shares, paying $87,761 (about 28 cents a share).
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