Are you tired of seeing your IVDN shares go down in value?
Innovative Designs, Inc. (OTC: IVDN) manufactures INSULTEX, a product with thermal insulating properties, primarily used in house wrap applications. According to all of the company's statements, INSULTEX is a fantastic product with an enormous potential market.
So why isn't this company making any money?
A small group of shareholders believe that IVDN's management and Board of Directors are guilty of negligence and gross mismanagement, leading to loss of shareholder value. We are exploring the possibility of filing a shareholder lawsuit against the company, its CEO, and/or individual board members to recover these losses.
If you believe you have been financially harmed by IVDN's mismanagement, click the button below to be added to our mailing list and learn more.
Some of us also participate in the IVDN discussion board on investorshub.com.
So why isn't this company making any money?
A small group of shareholders believe that IVDN's management and Board of Directors are guilty of negligence and gross mismanagement, leading to loss of shareholder value. We are exploring the possibility of filing a shareholder lawsuit against the company, its CEO, and/or individual board members to recover these losses.
If you believe you have been financially harmed by IVDN's mismanagement, click the button below to be added to our mailing list and learn more.
Some of us also participate in the IVDN discussion board on investorshub.com.
Investors are fed up
Innovative Designs has consistently lost money for over two decades under the leadership of CEO Joe Riccelli.
The board of directors, which has a fiduciary duty to shareholders, has done nothing about it.
It's time for the shareholders to take action.
A financial summary of IVDN
20+
Years In Business
$10M
Accumulated Deficit
$0
Profit to Shareholders
Shareholder Dilution
In 2014, IVDN had 22.4 million shares outstanding. By 2023, there were over 35 million shares outstanding.
If you held shares in 2014, you now own almost 40% less of the company today than you did a decade ago.
No Shareholder Meetings
There is no evidence that IVDN has ever held an annual shareholder meeting as required by law. As a shareholder, you have the right to vote for members of the Board of Directors to represent your interests to management.
If you didn't vote for them, who are the current board members, how did they get their positions, and how can you know they're representing your interests as a shareholder?
If you didn't vote for them, who are the current board members, how did they get their positions, and how can you know they're representing your interests as a shareholder?
No Board Meetings
The Board of Directors is tasked with advising and overseeing the company's management to ensure shareholders' interests are being served.
IVDN has, as far as we can tell, never had a meeting of the Board of Directors.
Doesn't it stand to reason that the representatives of the shareholders should have a meeting once in a while to see why the company is losing money hand over fist and what the company plans to do about it? Do you feel that your interests are being properly addressed when you have a board that you didn't vote for, that has never had a meeting, while the company's financials are going down the toilet?
IVDN has, as far as we can tell, never had a meeting of the Board of Directors.
Doesn't it stand to reason that the representatives of the shareholders should have a meeting once in a while to see why the company is losing money hand over fist and what the company plans to do about it? Do you feel that your interests are being properly addressed when you have a board that you didn't vote for, that has never had a meeting, while the company's financials are going down the toilet?
How has IVDN failed its investors?
Board negligence
IVDN reported a net loss of over $300,000 in 2023... yet the board of directors didn't have a single board meeting that fiscal year.
Why were the shareholder representatives not exercising oversight of the company's management? We believe that the board has failed their most basic fiduciary duties to shareholders.
Why were the shareholder representatives not exercising oversight of the company's management? We believe that the board has failed their most basic fiduciary duties to shareholders.
Inept Management
CEO Joe Riccelli has been at the helm of IVDN for its entire existence.... yet hasn't produced a penny of profit for shareholders.
Why hasn't the board replaced him?
Why hasn't the board replaced him?
Lack of Capability
The company entered into a purchase agreement to buy machinery to produce INSULTEX in 2015. The company has paid over $600,000 for this equipment and has not installed it. (It is unclear from current reports whether or not the company has even taken delivery of this equipment.) The company currently believes that even after the equipment is installed it will require "substantial" additional expense to make it compliant with environmental regulations.
The company believes that ICC-ES certification will be required to get large orders for INSULTEX, but doing so will be "costly" and "time consuming." The company appears to have no ability, or even concrete plans, to obtain the product certification necessary to make substantial sales.
Meanwhile, the company has allowed quality control testing equipment to fall into such disrepair that it will cost $100,000 to replace.
The company believes that ICC-ES certification will be required to get large orders for INSULTEX, but doing so will be "costly" and "time consuming." The company appears to have no ability, or even concrete plans, to obtain the product certification necessary to make substantial sales.
Meanwhile, the company has allowed quality control testing equipment to fall into such disrepair that it will cost $100,000 to replace.
