Immunosyn Corporation (Immunosyn) is a development stage company. The Company owns a worldwide license to market, distribute and sell a biopharmaceutical drug product, referred to as SF-1019, for multiple uses, including the treatment of any and all diseases, and pathological conditions. Under the terms of its license, the Company is further granted the rights to any improvement of SF-1019 and other compounds, which are developed under the same technology platform, and which are chemically similar to SF-1019.
According to the complaint filed August 24, 2009, the Defendants are in violation of 15 U.S.C. § 78r and/or 17 C.F.R. §240.10b-5 by making false and/or misleading statements concerning Immunyson and SF-1019 in SEC filings, including but not limited to: a) failing to report income generated from the sale of SF-1019, b) claiming in al O-QSB for the period ending 9/30/07 that Immunyson had the "exclusive worldwide license to market, distribute and sell . . . SF-1019," c) failing to timely report in its SEC filings a lawsuit brought by Salvatore and Frank Bramante against Immunyson, d) claiming that Argyll Biotech's only data regarding the safety and efficacy of SF-1019 is based on uncontrolled observations of a precursor to SF-1019 among a small group of individuals, not SF-1019 itself, e) failing to disclose that SF-1019 was on clinical hold, d) misrepresenting the approvals obtained for SF-1019, 0 failing to disclose that SF-1019 was being sold through channels outside of Immunyson, g) failing to disclose the business relationship between Alan Osmond and Immunyson and/or Argyll Biotech, and h) selling a water/saline solution/and/or product without active agents as SF-1019.
On October 24, 2009, the defendants filed a motion to dismiss. Another motion to dismiss was filed on February 24, 2010. The motions were granted in part and denied in part on August 31, 2010. The plaintiffs were given leave to amend, and on September 30, 2010, a First Amended Complaint was filed. The defendants filed a motion to dismiss on October 14 and 26, 2010. The plaintiffs were granted leave to file an amended complaint, and did so on December 14, 2010. The motion to dismiss was denied on January 18, 2011. The parties are now engaging in discovery proceedings.
On September 27, 2011, the Court issued an Order granting the Motion for Entry of Final Judgment and granting the Motion to Dismiss Argyll Equities, LLC.
On October 3, 3011, the Court issued an Order granting the Joint Motion for Entry of Dismissal. Plaintiff's claims against a certain individual defendant only were dismissed with prejudice.