A group of shareholders going by the name the Polonitza Group has filed a lawsuit in Washington State Court alleging suppression of shareholder’s rights, creation of a “poison pill” which restricts shareholder groups from acquiring more than 15% of common stock, and more. The suit has been filed against ITEX CEO Steven White, Eric Best, and John Wade.

The lawsuit also alleges that this group unfairly enriched themselves by assigning new stock issues to themselves, selling stock blocks to brokers to buy shareholder votes, quickly buying back those shares at a higher price to give a quick payback to the brokers, and more.

You can see the full text of the story at http://www.sec.gov/Archives/edgar/data/860518/000138515211000034/exhibit1.htm