RE:Will the shareholders get justice?!?!
See the example below, since fgd highest traded price was $1.00 the courts only give 50% of what is asked, could be share holders are paid out at .50
14. CONTINGENCIES AND COMMITMENTS
On September 4, 2017, the Company announced that it was served with a statement of claim by First Global Data Limited
(“FGD”). The claim seeks damages of $20,000,000 against a number of defendants including the Company and its former
Chief Executive Officer, alleging breach of contract, conspiracy and various other causes of action (the “FGD Action”).
The Company believes the claim against the Company and its former CEO is without merit and frivolous, and was issued
in an attempt to delay the outcome of the Company’s claims against FGD in existing proceedings commenced by the
Company on February 3, 2017 (Ontario Superior Court of Justice Court File No. CV-17-569015, the “Application”). The
Company commenced the Application because FGD has refused to honour its contractual obligations to issue certain
options and warrants to the Company.
As a result of an August 24, 2017 order of the Ontario Superior Court of Justice, the Company’s Application will be pursued
as a counterclaim in the FGD Action. The Company will vigorously defend the FGD Action and will vigorously pursue its
claims against FGD. Specifically, the Company will seek damages of at least $6,015,000, equal to the difference between
the purchase price per share under the Options/Warrants, and the highest trading value to date, as well as punitive and
exemplary damages of $2,000,000. The counterclaim by the Company against FGD and others is difficult to precisely
quantify as the Company’s claim is in respect of the enforcement of rights under certain options and warrants, not only
pure damages.
No amounts have been accrued in the financial statements with respect to this matter.
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00023170&issuerType=03&projectNo=03460782&docId=5316639