VoIP-Pal Announces Objective for Financial Settlement by February 28, 2025
Rhea-AI Summary
VoIP-Pal (OTCQB: VPLM) has received a 90-day extension from the United States District Court for the District of Columbia for serving process in its antitrust and class action lawsuits against major telecommunications providers. The new deadline is set for April 23, 2025.
The company has set February 28, 2025, as a target date for making progress toward a financial settlement. CEO Emil Malak emphasized that while this is their objective, shareholders should remain cautious about drawing conclusions due to litigation complexities. If significant progress isn't achieved by the target date, the company will consider various options, including informing the court, serving defendants, and potentially pursuing bifurcation to streamline the litigation process.
Positive
- Received 90-day extension for legal proceedings, providing additional time for potential settlement discussions
- Clear timeline established with February 28, 2025 target date for settlement progress
Negative
- Uncertainty in litigation outcome and timeline
- No guarantee of settlement achievement by target date
News Market Reaction 1 Alert
On the day this news was published, VPLM gained 42.53%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company Strives to Make Progress Toward a Resolution by February 28, 2025
WACO, Texas, Jan. 27, 2025 (GLOBE NEWSWIRE) -- VoIP-Pal.com Inc. (“VoIP-Pal,” “Company”) (OTCQB: VPLM) is pleased to provide shareholders with an update on the Company’s ongoing antitrust and Class Action litigation against major telecommunications providers.
Motion for Extension of Time Granted
VoIP-Pal previously filed a motion to extend the deadline for serving process in its antitrust and class action lawsuits, Case Nos. 1:24-cv-03051-RDM and 1:24-cv-03054-RDM. The United States District Court for the District of Columbia has granted the motion, providing the Company with a 90-day extension to complete the process, with the new deadline now set for April 23, 2025. This extension provides additional time to complete procedural requirements and allows for the possibility of exploring resolutions while ensuring all claims are handled efficiently.
Targeting February 28, 2025, as a Goal
VoIP-Pal aims to explore opportunities for meaningful settlement discussions to achieve its primary objective: a fair financial resolution. The Company is striving to make progress by February 28, 2025, recognizing this as a goal subject to the inherent complexities of litigation.
“We are working toward meaningful progress by February 28, 2025, as our main objective," said Emil Malak, CEO of VoIP-Pal. "However, I want to caution shareholders against drawing any conclusions at this stage. While we are hopeful, the eventual outcome remains uncertain due to the complexities of litigation. If significant progress is not made by the target date, we will evaluate procedural options, including informing the court, serving the defendants, and potentially pursuing bifurcation to streamline the litigation process.”
Bifurcation, a legal process that separates specific issues for individual resolution, is one potential strategy to streamline complex litigation and focus on key matters if progress stalls.
“Recently, a longstanding shareholder in his 90s expressed a heartfelt concern, asking, “Will I live to see compensation on my investment?” This poignant question underscores the trust our shareholders have placed in us. “We remain steadfast in our commitment to honoring that trust by pursuing a fair resolution to the antitrust complaint through all appropriate means,” added Mr. Malak.
Featured Article in CEOCFO Magazine
A recent article and interview with CEO Emil Malak has been published in CEOCFO Magazine, highlighting VoIP-Pal’s business approach and ongoing efforts related to its litigation. This is the third feature by CEOCFO Magazine since the company began its antitrust litigation. Links to all three articles are available below:
About VoIP-Pal.com Inc.
VoIP-Pal.com, Inc. (“VoIP-Pal”) is a publicly traded corporation (OTCQB: VPLM) headquartered in Waco, TX. The company owns a portfolio of patents related to Voice-over-Internet Protocol (“VoIP”) technology that it is currently seeking to monetize.
Forward-Looking Statements
This press release contains forward-looking statements as defined under securities laws. These statements are based on management’s beliefs and reflect the Company’s expectations regarding future outcomes. However, litigation outcomes are inherently uncertain, and there is no assurance that settlement discussions will occur or result in a resolution, nor that litigation will yield favorable outcomes. The timing and financial implications of litigation remain unpredictable.
For further information:
Corporate Website: www.voip-palusa.com
IR Inquiries: IR@voip-pal.com
IR Contact: Rich Inza, (954) 495-4600
FAQ
What is the new deadline for VoIP-Pal (VPLM) to complete its legal process service?
What is VoIP-Pal's (VPLM) target date for reaching a financial settlement?
What options will VPLM consider if no settlement is reached by February 28, 2025?
What type of lawsuits has VoIP-Pal (VPLM) filed against telecommunications providers?
