On July 12, 2024, ConnectM issued a press release announcing that it completed a business combination with Monterey. According to a BSI spokesperson, BSI was instrumental in the success of that combination and pursuant to a written contract with both ConnectM and Monterey is entitled to be, but was not paid, the $525,000 sum claimed as money damages in the lawsuit. The spokesperson added: “BSI was constrained to file this lawsuit because of the defendants’ utter lack of responsiveness to BSI’s repeated demands for payment. They now will have to answer for their inaction and if they fail to appear in the lawsuit within the time period prescribed by law, BSI will move swiftly to seek a default judgment against them.”
ConnectM’s most recent 8K filing with the Securities and Exchange Commission (“SEC”), filed in August 2024, makes no mention of the lawsuit filed on August 2, 2024. In a letter sent by BSI’s litigation counsel on August 9, 2024, to directors and officers of ConnectM and Monterey, including Bhaskar Panigraho, Girish Subramanya, Mahesh Choudhury, Keven Stateham (of ConnectM), Vivek Soni, Leela Gray, Daniel Davis, Kathy Cuocolo (of Monterey) as well as Mr. Padmakumar, BSI placed them on notice of the legal risks inherent in failing to file timely an 8K with the SEC disclosing the litigation.
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Micheal Coyne, Benjamin Securities, Inc., 1 (516) 931-1090, [email protected], BenjaminSecurities.comÂ
SOURCE Benjamin Securities, Inc.
