In Florida, Dyadic International has reached a settlement with one of the three remaining defendant law firms in its ongoing professional liability litigation. The Agreement with Defendants Moscowitz & Moscowitz, PA, Norman Moscowitz and Jane Moscowitz was fully executed on July 31, 2015. Payment of the confidential settlement amount to the Company by the Moscowitz Defendants is required within 20 days of execution of the Agreement. This low seven figure payment will be reported in the Company’s consolidated statement of operations for the quarter ending September 30, 2015, and will be disclosed as a subsequent event in the second quarter financial statements.
The big lawsuit, over claims of for breach of fiduciary duty and professional negligence stemming back to the late 2000s, is coming up soon with Greenberg Traurig. Chairman of the Board, Michael Tarnok, stated “I am pleased with this settlement which brings us one step closer to ultimately putting this ligation behind us. The Company continues to vigorously prosecute this litigation with the remaining defendants, which is on an eight-week trial docket commencing October 26, 2015. The Company anticipates learning from the court on October 16, 2015, if the trial will occur during the eight-week period or will be moved for trial in early 2016.”
Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 microorganism, which enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes.