This is taken from the Feb 29th financial statement. Its all it says, if it was settled out of court, the particulars of the case would have to be reviewed by the Exchange, whereas it could have implications on Lori,s and the directors capabilities to stand as directors. There must be a record of this with the Exchange and quite possibly the Securities.
Now I dont recall a news release on this particular case and see that the reward was considerable. To my knowledge, this is material and should have been disclosed to the public. Also, I question why the directors have not made public the disclosure particulars of this case as per the Corporate Goverance Manual?
16. SUBSEQUENT EVENT
The cost for the settlement for Lombardo was $225,000.
imo