Music Licensing, Inc. (OTC: SONG) Pursues $386.6 Million in Damages from OTC Link LLC, a Wholly-Owned Subsidiary of OTC Markets Group (OTC: OTCM), Holding Firm in Pursuit of Accountability
Naples, FL, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Music Licensing, Inc. (OTC: SONG), an influential presence in the Music Industry, remains unwavering in its pursuit of justice within the financial markets. The company is vigorously pursuing $386,574,108.25 USD in damages from OTC Link LLC., a registered broker-dealer and a wholly-owned subsidiary of OTC Markets Group (OTC: OTCM). This legal battle, initially filed as a FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) arbitration case, was initiated under the caption: "FINANCIAL INDUSTRY REGULATORY AUTHORITY RE: THE ARBITRATION OF JAKE P. NOCH FAMILY OFFICE, LLC PRO MUSIC RIGHTS, INC. Claimants, v. OTC LINK LLC Respondent." The court hearing for this pursuit is scheduled for October 5, 2023.
In our corporate structure, it is essential to clarify that only Pro Music Rights, Inc. is wholly owned by our company. The Jake P. Noch Family Office, LLC, operates as a distinct entity.
Music Licensing, Inc. is resolute in asserting that OTC Link LLC must be held accountable for its actions. OTC Markets Group has attempted to shield itself by categorizing their role as that of a "publisher" rather than acknowledging that OTC Link is a broker-dealer. OTC issuers are, in fact, their clients, and they are not exempt from potential FINRA arbitration initiated by these issuers. We are committed to pursuing accountability and justice in this matter.
It is worth noting that OTC Link, as a broker-dealer, is subject to FINRA arbitration, and we encourage other OTC issuers and investors to consider similar actions when their companies or investments are adversely affected. This is a call for transparency and fairness in the financial markets.
We also raise questions about the practice of OTC Markets Group placing compliance flags on OTC issuers' market profiles, including "Caveat Emptor, Shell Risk, Delinquency, Promotion." While OTC claims these "flags" are intended to protect investors, we see them as a business offering to other broker-dealers through their "canari" product. The right of a broker-dealer to make public statements about publicly traded issuers without factual basis and disseminate potentially false information without accountability is a matter of concern.
Music Licensing, Inc. is determined to pursue justice and fairness in the financial markets. We deeply appreciate the continued support of our investors and stakeholders during this crucial legal journey.
Please save the date for the pivotal court hearing on October 5, 2023. We are committed to keeping shareholders informed throughout this legal process.
About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)
Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as Artificial Intelligence (A.I.) Created Music.
Forward-Looking Statements:
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.
Non-Legal Advice Disclosure:
This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.
Contact: investors@ProMusicRights.com
SOURCE: Music Licensing, Inc.
