Second Circuit Affirms Dismissal of Complaint Against Vystar In the Case Of EMA Financial LLC v. Vystar Corp.
On November 27, 2024, the New York federal district court in the case EMA Financial LLC v. Vystar Corp ., 19-cv-1545 (GWG) issued a first of its kind court victory for a micro-cap issuer, Vystar, denying EMA Financial's $4,226,187 claim for damages as it related to a toxic convertible note issue. While the district court did not grant Vystar's counterclaim for damages, in addition to dismissing EMA Financial's complaint the district court awarded Vystar legal fees.
Both parties appealed the decision to the United States Court of Appeals for the Second Circuit. EMA Financial sought to have the appellate court reverse the district court's dismissal of the complaint. Vystar opposed the appeal and further cross-appealed seeking to have the appellate court reverse that portion of the decision denying Vystar's counterclaims for damages associated with EMA Financial's breach of the terms of the convertible note You can click on this link to see Vystar's appeal..
On July 17, 2025, the Second Circuit issued its decision, affirming the district court's decision. You can click on the link to read the brief. While Vystar was disappointed that the Second Circuit did not reverse that portion of the district court's decision denying Vystar's counterclaim, the result of this decision sends the case back to the district court for a determination of legal fees to be awarded to Vystar. Vystar has accrued on its books approximately one million dollars from 2018 to date.
Vystar wishes to take a moment to thank all of those involved in the work associated with this litigation. No issuer had previously succeeded in fighting back against EMA Financial's breach of contract claims on these convertible notes. Leading this charge for Vystar was its litigation counsel, Barry Bordetsky of The Law Offices of Barry M. Bordetsky. Barry's work was strategic and methodical, nothing short of a full-fledged fight for Vystar in this David versus Goliath battle. It's rare to find a litigator so dedicated and talented that is willing to work with a small company, going above and beyond what was required in the fight for Vystar. Without such counsel protecting Vystar, the company very well may have fallen into similar circumstances of the other the micro-cap issuers sued by EMA Financial – – having judgments issued against them.
About Vystar Corporation:
Based in Worcester, Mass., Vystar® Corp. (OTCQB: VYST) is the owner of RxAir® UV light air purification products that destroy harmful airborne viruses and pathogens, Vytex® Natural Rubber Latex (NRL), and Fluid Energy Solutions. Vytex is a multi-patented, all-natural, raw material that contains significantly reduced levels of the proteins found in natural rubber latex for a stronger, more durable, yet environmentally safe, 'green' and fully biodegradable product that can be used in a broad range of consumer and medical products. For more information, visit www.vystarcorp.com .
Forward-looking Statements: Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of VYST officials are 'Forward-Looking Statements' within the meaning of the Private Securities Litigation Reform Act of 1995 (the 'Act'). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as 'believes,' 'anticipates,' 'intends,' 'plans,' 'expects,' and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future VYST actions, product development and delivery, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and VYST has no specific intention to update these statements.
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Contacts:
Vystar
Media & Investors: Jamie Rotman, j [email protected]
Media, Investors or To Partner with Vystar, Company Phone Number: (508) 791-9114
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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