In a lawsuit filed on March 12, 2024, in the Circuit Court of the Fifteenth Judicial Circuit for Palm Beach County (Case Number: 502024CA002288XXXAMB Div: AE), Music Licensing Inc., a Nevada Corporation, is suing the Financial Industry Regulatory Authority Inc. (FINRA), a Washington D.C. corporation. The complaint revolves around FINRA's alleged failure to process a reverse stock split initiated by Music Licensing Inc.
The plaintiff, represented by its counsel, alleges that it urgently needs to restructure its tradable shares in the stock market through a reverse stock split. The company's CEO, Mr. Noch, received consent from the Board of Directors for this corporate action. However, FINRA, which oversees corporate actions within the Over Counter Market (OTC), has allegedly failed to process this action despite receiving several necessary documents from Music Licensing Inc.
The plaintiff claims that if the reverse stock split is not executed before the end of March or as soon as possible, it will face irreparable financial and non-financial harm. This includes loss of several economic opportunity costs, loss of current agreements and other financial losses exceeding $1,000,000.
Music Licensing Inc. seeks declaratory relief to compel FINRA to process the reverse stock split and grant injunctive relief on behalf of Plaintiffs pursuant to Section 86.011, Florida Statutes.