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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
December 4, 1996
(Date of Report)
SOLV-EX CORPORATION
(Exact Name of Registrant as specified in its charter)
New Mexico
(State or other jurisdiction of incorporation)
0-9897 85-0283729
(Commission File Number) (IRS Employer Identification Number)
500 Marquette N.W., Suite 300, Albuquerque, New Mexico 87102
(Address of principal executive offices including zip code)
(505) 243-7701
(Registrant's telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
The Company and certain officers of the Company are defendants in
securities actions pending in the federal courts of New York and New Mexico
and in state courts in Arizona and New Mexico. In October 1996, the Company
was served with a complaint in the SEDITA V. SOLV-EX CORPORATION, BUTLER,
CAMPBELL, RENDALL AND DEUTSCHE MORGAN GRENFELL, INC., case #96CIV7575, U.S.
District Court, Southern District of New York, which alleges among other
things purported damage to shareholders of the Company by acts or conduct of
the Company and its officers in violation of Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, negligent
misrepresentation, common law fraud and violation of provisions of the New
Mexico Securities Act. The plaintiff asks that the court accord class action
status to purchasers of the Company's shares between February 16, 1995 and
September 30, 1996.
Two similar actions were filed in the U.S. District Court, District of
New Mexico, and served upon the Company in November 1996. These two cases
are FOURNIER V. SOLV-EX CORPORATION, BUTLER, CAMPBELL, RENDALL AND DEUTSCHE
MORGAN GRENFELL, INC. , case #CIV961526JC, and BOYER V. SOLV-EX CORPORATION,
RENDALL AND DEUTSCHE MORGAN GRENFELL, INC., case #CIV961602JC. In FOURNIER,
plaintiffs allege among other things purported damage to shareholders of the
Company by acts or conduct of the Company and its officers in violation of
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder, negligent misrepresentation, common law fraud and
violation of provisions of the New Mexico Securities Act. In BOYER,
plaintiffs allege purported damage to shareholders of the Company by acts or
conduct of the Company and its officers in violation of Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated. In both actions
the plaintiffs seek class action status for purchasers of the Company's
shares between February 16, 1995 and September 30, 1996.
In November 1996, the Company was served with a complaint in MURKEN V.
SOLV-EX CORPORATION, RENDALL, BUTLER, DEUTSCHE MORGAN GRENFELL, INC., case
CV9609869, Second Judicial District, Bernalillo County, New Mexico, in which
plaintiffs seek class action treatment for purchasers of the Company's shares
between February 15, 1995 and September 10, 1996, alleging that shareholders
suffered damage as a result of violations of New Mexico securities laws and
negligent misrepresentation.
In December 1996, the Company was also served with a complaint in JOSEPH
B. GROSSMAN AND STEPHEN DISCH V. BUTLER, RENDALL, CAMPBELL, DEUTSCHE MORGAN
GRENFELL, INC., CHARLES MAXWELL, AND SOLV-
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EX CORPORATION, case #96CIV8744, United States District Court, Southern
District of New York. This complaint alleges, among other things, damage to
shareholders of the Company by acts or conduct of the Company and its
officers in violation of Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 promulgated thereunder, and the New Mexico Securities Act.
The plaintiffs ask that the court accord class action status to purchasers of
the Company's common stock between February 15, 1995 and September 30, 1996.
In December 1996, the Company was served with a complaint in PHOENIX
PACIFIC PROPERTIES, LTD., JOHN C. PADELFORD III AND PATRICIA J. PADELFORD V.
SOLV-EX CORPORATION, RENDALL, AND CAMPBELL, case #CV96-20453, Superior Court,
Maricopa County, Arizona. The plaintiffs allege violation of the Arizona
Securities Act, fraud, negligent misrepresentation, and breach of contract
resulting from the Plaintiffs' purchase of shares of Solv-Ex common stock in
the open market and in a private placement directly from Solv-Ex.
None of the foregoing actions specifies the amount of damages requested.
The Company has only recently received the complaints and the proceedings are
only in the initial stages of response and discovery. The Company intends to
vigorously defend the actions filed against it and believes that the
allegations made against the Company and its officers are without merit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
December 4, 1996 SOLV-EX CORPORATION
(Registrant)
By /s/ Herbert M. Campbell II
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Herbert M. Campbell II,
Senior Vice President
