RE:No Justice for Investors From B. Davison Affidavit (Setember 22):
"41. Attached to my Affidavit as Exhibit B is a summary of the D&O Claims received, including
the Marker Claim, per named Director and Officer.
42. The Directors and Officers are of the view that the allegations contained in the Marker Claim are unfounded and intend to vigorously contest the Marker Claim.
43. IMV’s audited consolidated financial statements for the fiscal year ending December 31, 2022 (the “2022 Financial Statements”) and the fiscal year ending December 31, 2021
(the “2021 Financial Statements”), contain going concern notes, which include the
following statements:
(a) “Substantial Doubt About the Company’s Ability to Continue as a Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred significant
operating losses and negative cash flows from operations since inception and has
an accumulated deficit as of December 31, 2021, and has stated that these events or conditions indicate that a material uncertainty exists that may cast substantial
doubt on the Company’s ability to continue as a going concern.”;
(b) “The ability of the Corporation to continue as a going concern is dependent upon
raising additional financing through equity and non-dilutive funding and partnerships.”;
(c) “There can be no assurance that the Corporation will have sufficient capital to fund
its ongoing operations, and develop or commercialize any products without future
financings.”;
(d) “These material uncertainties cast substantial doubt as to the Corporation’s ability
to meet its obligations as they come due and, accordingly, the appropriateness of
the use of accounting principles applicable to a going concern.”;
(e) “The Corporation is currently pursuing financing alternatives that may include
equity, debt, and non-dilutive financing alternatives including co-development
through potential collaborations, strategic partnerships or other transactions with
third parties, and merger and acquisition opportunities. There can be no assurance
that additional financing will be available on acceptable terms or at all. If the Corporation is unable to obtain additional financing when required, the Corporation
may have to substantially reduce or eliminate planned expenditures or the Corporation may be unable to continue operations.”; and
(f) “The Corporation's ability to continue as a going concern is dependent upon its
ability to fund its research and development programs and defend its patent rights.
These consolidated financial statements do not reflect the adjustments to the
carrying values of assets and liabilities and the reported expenses and statements
of financial position classifications that would be necessary if the Corporation were
unable to realize its assets and settle its liabilities as a going concern in the normal
course of operations. Such adjustments could be material. ”
44. The 2021 Financial Statements and the 2022 Financial Statements are readily available
public documents which were available to all investors of IMV. Attached to my Affidavit as Exhibit C and Exhibit D, respectively, are IMV’s 2021 Financial Statements and 2022
Financial Statements.
(...)
The investors security clams
Conspiracy
43. The D&O’s are liable to the Investors for the tort of civil conspiracy.