Hispanica International Delights of America, Inc. (OTCQB: HISP) is engaged as a distributor of third party Hispanic and ethnic food & beverage throughout the United States. Shares of the Hispanic food & beverage company jumped 34.54%, through early trading on Friday, June 23, 2017. Over the past month, Hispanica International Delights of America, Inc. saw average daily volume of 46,450 shares. However, volume of 427,309 shares or dollar volume of $44,824, has already exchanged hands on the day.
Shares of Hispanica International Delights of America, Inc. are climbing today, after the company filed an 8-K form. In the filing, the company notes that its joint venture with Energy Source Distributors, Inc. has filed a lawsuit against TCA Global Credit Master Fund, L.P., alleging excessive fees charged, breach of contract, deceptive fee schedule, and more. Here is part of the 8-K detailing of the lawsuit:
Hispanica International Delights of America, Inc. 8-K Filing:
Item 8.01. Other Events
On June 14, 2017, we and Energy Source Distributors, Inc. (“Energy Source”) filed a lawsuit in the Seventeenth Judicial Circuit in and for Broward County, Florida (the “Broward County Court”) against TCA Global Credit Master Fund, LP, a Cayman Islands limited partnership (“TCA”). The lawsuit was filed in connection with 2 loan transactions (the “Loans”) with TCA as the lender and we as the borrower and alleges that: (a) over 100% interest charged on the Loans is usurious in violation of Florida law; (b) TCA violated the Florida Deceptive and Unfair Trade Practices Act, including disguising interest charges as advisory fees in the amount of $550,000; (c) breach of contract by, among other things, TCA seeking payment of usurious, illegal, unconscionable and unenforceable fees and failing to fund the full amount of the $1.6 million loan; and (d) breach of implied covenant of good faith and fair dealing. On June 15, 2017, TCA filed a lawsuit in the Broward County Court against us and Energy Source for breach of contract pertaining to the transaction documents associated with the Loans, claiming that it suffered damages and seeking compensatory damages and prejudgment interest upon the compensatory damages at a default rate of 25% plus accrued interest.
Here is the link to the full 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12137081