UNITED
STATES
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
Date
of
Report (Date of earliest event reported) June
1, 2006
Interpharm
Holdings, Inc.
(Exact
name of Registrant as specified in charter)
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Delaware
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0-22710
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13-3673965
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(State
or other jurisdic-
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(Commission
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(IRS
Employer
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tion
of incorporation)
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File
Number)
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Identification
No.)
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75
Adams Avenue, Hauppauge, New York
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11788
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (631)
952-0214
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
8.01 Other
Events
On
June
1, 2006, Ray Vuono (“Vuono”) commenced an action against Interpharm Holdings
Inc. (the “Company”) in the Supreme Court of the State of New York, County of
Suffolk (Index No. 13985/06). Vuono’s complaint against Interpharm alleges,
among other things, that Vuono is entitled to receive additional compensation
as
a “finder”under an agreement dated July 1, 2002 between Vuono and the Company
(then known as Atec Group, Inc.) with respect to a reverse merger transaction
consummated by the Company in May 2003. Vuono also alleges that he is entitled
to additional compensation under the agreement in respect of a $41.5 million
credit facility from Wells Fargo Business Credit, Inc. obtained by the Company
in February 2006 and the sale for $10 million of shares of a new series of
convertible preferred stock and warrants to purchase common stock of the Company
consummated by the Company with Tullis-Dickerson Capital Focus III, L.P. in
May
2006. The total amount of damages sought by Vuono in the action is in excess
of
$10 million.
The
Company believes that Vuono’s claims are without merit and the Company intends
to timely file appropriate pleadings or motions seeking a dismissal of the
complaint with prejudice.
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 hereunto
duly authorized.
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INTERPHARM
HOLDINGS, INC. |
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| June
28,
2006 |
By: |
/s/ George
Aronson |
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George Aronson
Chief
Financial Officer
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