Adia Med, Inc. has filed a Verified Complaint for Declaratory Judgment in the Circuit Court of the Eighteenth Judicial Circuit in Seminole County, Florida. The lawsuit, styled "In Re Stock of ADIA MED, INC. v. Tydus Richards" and filed on September 28, 2026, seeks to quiet title to approximately 29.059 million shares of the company’s non-preferred common stock.
The company alleges that these shares represent 30.78% of its issued and outstanding shares and had a market value of $3,487,175.04 based on the closing price on August 13, 2026. Adia Med asserts that the stock transfer agent has no record of the original issuance of these shares and that the purported holders never paid for them.
The complaint names Tydus Richards as the defendant and identifies 13 other individuals and entities as potential claimants (collectively referred to as "Claimants"). These include Tydus Richards, Wen Peng, Robert Shively, Jennifer Singhal, Teibs Asia Limited, William Feaster, Golden Communications Inc., Revete Capital Partners LLC, Chris Harano, Orbital Inc., Hugh Cochrane, Michael P. Bringle, and Vector Group International LLC. The complaint alleges that the Claimants’ interests are based solely on the company’s stock transfer ledger and that the shares may have been improperly transferred.
Adia Med alleges that a change of control occurred in January 2024 when all Special 2022 Series A Preferred stock, carrying 60% of the voting rights, was acquired by Legends Investment Properties, LLC. The company claims that during this acquisition, it discovered there was no basis for the acquisition of the Claimants’ shares as listed on the shareholder list provided by the transfer agent.
The company is seeking a judgment declaring that title to the improperly issued shares is quieted in Adia Med, as well as an order restraining each Claimant from instituting an action against the company for recovery of the shares. As of the filing of the report, no responsive pleading has been filed, and no hearing has been set. The company has noted that the outcome is uncertain and that an adverse result would leave the Subject Shares outstanding in the names of the Claimants.
