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Pivot Pharmaceuticals Inc
Symbol PVOT
Shares Issued 88,679,077
Close 2019-09-26 C$ 0.275
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Pivot defendants complain of deceit, broken promises

2019-09-27 10:18 ET - Street Wire

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by Mike Caswell

Patrick Rolfes and Ross Franklin, two California men facing a lawsuit from Pivot Pharmaceuticals Inc. over control of a powderized cannabis business, claim that Pivot obtained the business from them using fraudulent means. The company falsely told them that it would be trading on the "prestigious" Toronto Stock Exchange, the men say. They also claim that the man they negotiated with was Charles Kamal Dass, who has a regulatory history and once faced criminal charges.

The accusations from Mr. Rolfes and Mr. Franklin come in response to a lawsuit that Pivot filed against the men in the Supreme Court of British Columbia on April 23, 2019. The company claimed that the pair had committed fraud in attempting to obtain control of Pivot's powderized cannabis business. The men had previously owned the operation, called ERS Holdings LLC, and had remained as employees. Pivot did not say exactly how the men intended to take control of ERS, only accusing the pair of making "extortionate representations" to achieve their goals.

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