Smoking gun found in Biofuels’ Billion Dollar Baby Brawl?

“News arrived via press release last week that Edeniq has succeeded in knocking down two counts of the Aemetis lawsuit against it.”

Except…

About those two dismissed counts. They consist of a 3rd party defendant known as Trinity Capital getting out of the California suit on the grounds that it doesn’t have a nexus in California. The predictable outcome is the suit was filed in Arizona, where that 3rd party does have offices. So we are essentially back where we started.

“And, um, yikes!

“We’ll leave it to the SEC to determine if Edeniq sending a press release out without framing the trivial, jurisdictional nature of the dismissal and the inevitable and immediate re-filing elsewhere — constitutes a “truth but not the whole truth” violation under Section 10(b)(5) of the Securities Exchange Act of 1934, just in case Edeniq has been circulating any securities memoranda of late.”

The Money Shot

“The Aemetis lawsuit against Trinity Capital further alleges that:

Aware that Plaintiff’s CEO had developed good rapport with EPA officials and was making significant progress towards securing EPA approval of EdenIQ’s technology, upon information and belief, Defendants urged EdenIQ to maintain its contractual relationship with Plaintiff for as long as possible, until it became evident that EPA approval was done.”

— Jim Lane, Biofuels Digest

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