Feb 4, 2014, Pernix announced court case dismissed and settled. "Pernix has agreed to pay $1,330,000 to the Plaintiff Shareholders on or before February 7, 2014, which amount was accrued at the time of the Cypress acquisition as a contingent consideration in the Company’s financial statements."
Other items:
-The stock put rights for January 2014 were waived. That is good news since put rights would have strained company.
-Cypress agreed to pay $12 million to the State of Texas as a settlement for Medicaid fraud. The amount was recorded as an expense during the quarter ended December 31, 2013. Will be paid over 6 years in $2 million installments.
Seems most of the uncertainty is behind Pernix now. Now let us see if Pernix can turn around and return to profitability.
Other items:
-The stock put rights for January 2014 were waived. That is good news since put rights would have strained company.
-Cypress agreed to pay $12 million to the State of Texas as a settlement for Medicaid fraud. The amount was recorded as an expense during the quarter ended December 31, 2013. Will be paid over 6 years in $2 million installments.
Seems most of the uncertainty is behind Pernix now. Now let us see if Pernix can turn around and return to profitability.