Tribal Group PLC (AIM:TRB) saw its shares fall 9% to 35.40p on Tuesday morning after the education software firm revealed it has received a claim for damages from Nanyang Technological University (NTU) relating to a contract that NTU last month announced it had terminated.
NTU is demanding around 9.94mln Singapore dollars (£5.95mln) in damages due to alleged loss, costs and expense. The university has said it may increase the claim after assessing “the full extent of damages”, Tribal announced in a statement.
Tribal added that it has sought legal advice over the issue, saying it intends to dispute NTU's claim and defend any potential legal action pursued by the university.