Innovation Pharmaceuticals Inc (IPIX) has released an update.
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The Company had filed a lawsuit against Cummings Properties, LLC seeking to confirm that their lease ended in September 2018 rather than extending for five more years. However, on January 18, 2024, the Court sided with Cummings, awarding them liquidated damages of $810,251.36, accounting for a security deposit and interest since January 2020. The Company plans to appeal the ruling.
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For a comprehensive understanding of the announcement, you can read the full document here.