05/15/2024 - ZimCal issues cease and desist letter to Medallion Financial Corp. and demands correction of recent false and misleading statements.
In a transparent attempt to gain an unfair advantage in the proxy contest and harm ZimCal Asset Management LLC and its affiliates (“ZimCal”), Medallion Financial Corp. included false and defamatory statements in its solicitation material concerning discussions between ZimCal and Medallion about the possibility of Medallion purchasing preferred trust securities (essentially subordinated debt) from ZimCal. Those statements, which Medallion knew to be false and misleading when it filed the solicitation material, violate Section 14(a) of the Securities Exchange Act (“Section 14(a)”) and constitute defamation under applicable state law.