I can see no reason to "cancel" the shareholder meeting nor suggest that it would be held anywhere but California, unless it was some form of tongue-in-cheek slap on the wrist for PTSC. I'm surprised not to have seen the Caymans used to make the suggestion even more outlandish than Minnesota.
As any good lawyer knows, it's one matter having suspicions but without hard evidence they remain suspicions.
Kudos to the BoD for collating that evidence and initiating suit.
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Be well