Revolutions Medical said today that a court case styled trial between the Securities and Exchange Commission and the company, as well as its CEO Rondald Wheet has ended in a deadlock from the jury.
The case was brought against the safety device and software maker in 2012 by the SEC over a number of allegedly “misleading press releases” issued by the company in 2010 and 2011, according to regulatory filings.
After hearing evidence for 2 weeks and a 4-day deliberation, the 8 person jury said on Thursday that it was “hopelessly deadlocked and could not unanimously agree on a verdict,” Revolution Medical said. The jury was dismissed, and no date for retrial has been scheduled by the court.
Both Revolutions Medical and CEO Wheet were named in the suit, which the company said is based on “unfounded claims” driven by the false testimony of convicted libeler Philip “Marty” Hicks.
Hicks, who was convicted in a $20 million libel suit in 2013 over “internet defamation,” was identified the same year as the informant in the SEC complaint.
Revolutions accused Hicks of waging a “cyber smear campaign” against the company and its chief executive, and claimed that Hicks intentionally interfered with a DoD grant that Revolutions was slated to receive in September 2010.
In addition to Hicks, The device maker claimed that “the SEC acted irresponsibly” by relying too heavily on the testimony of one individual, Rich Theriault, who was sued by Revolutions Medical for fraud and RICO Act violations, among other claims.