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Pivot Pharmaceuticals Inc
Symbol PVOT
Shares Issued 88,679,077
Close 2019-05-01 C$ 0.46
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Pivot Pharma sues California pair for fraud

2019-05-02 09:57 ET - Street Wire

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by Mike Caswell

Pivot Pharmaceuticals Inc. has filed a lawsuit in the Supreme Court of British Columbia claiming that two men associated with its California powderized cannabis business are engaged in self-dealing and fraud, among other things. Pivot says that the men, Patrick Rolfes and Ross Franklin, have been attempting to seize control of that business. The company is seeking appropriate damages and a declaration that it owns the business.

The allegations are contained in a notice of claim that Pivot filed at the Vancouver courthouse on April 23, 2019. The suit stems from an agreement that the company entered on Feb. 10, 2018, in which it acquired a California entity that held a technology designed to powderize oils. The suit does not set out all the terms of the deal, but it makes it clear that Pivot was to acquire the shares and assets of that California entity, ERS Holdings LLC. Mr. Rolfes and Mr. Franklin, who owned a combined 47 per cent of ERS, then became employees of Pivot, the suit states.

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