October 11, 2017 - New York, NY - Technology juggernaut Yippy, Inc. filed a federal lawsuit against the toxic financier Magna just hours after Magna failed to explain irregularities with respect to certain purported Yippy stock certificates.
Magna is record owner of one (1) certificate for 200,000 shares of Yippy stock. Yippy had a "call option" to purchase the certificate for $1 per share. On September 13, 2017, Yippy tendered the full $200,000 purchase price. Despite the fact that Yippy elected to purchase the illiquid shares for a 50% premium over the market price, Magna failed to deliver the certificate.
After Yippy's management became aware of serious (and unanswered) questions regarding Magna's involvement in its stock, Yippy asked veteran Manhattan trial attorney and longtime Yippy strategic advisor John H. Snyder to personally coordinate Yippy's response. Yippy's lawsuit seeks a declaration that Magna is barred from enforcing certain restrictive covenants and may not interfere with Yippy's responsibilities to its shareholders.