Quantum Blockchain Technologies PLC (AIM:QBT) updated investors on ongoing legal action started by Sipiem, which was later acquired by Clear Leisure, against Sipiem’s previous board and internal audit committee.
The latest hearing, held before the Venice Court on 10 November, was called to verify the correct restart of the proceedings and discuss the court appointed independent expert’s report.
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The judge verified the correct resumption of the proceedings and granted the plaintiff’s request to file additional relevant documentation. These give evidence of further damages up to €1mln, which the court appointed independent expert did not take into consideration when arriving at the economic value of the damages in his report and will be added to the report’s economic value of the damages, the statement said.
According to the statement, the judge also granted the plaintiff’s request to review a former court’s decision. As a result, the judge ordered one of the defendants to disclose and file documents regarding an alleged illicit transaction orchestrated by some defendants and the involvement of Sipiem and one of Sipiem’s investees.
The judge rejected a request by some defendants to file an additional document and fixed another hearing for 12 January 2022 to verify that the defendant complied with the new orders.
At the same hearing, the court will grant further brief terms for the parties to file their specific comments on conclusions reached by the report and to the Court appointed expert witness to file his replies.
“We are extremely pleased with the outcome of the hearing, as the court has paved the way for the filing of important written evidence in support of the claim against Sipiem’s previous board and internal audit committee,” said Francesco Gardin, chief executive and chairman of Quantum.
“The company looks forward with increasing confidence to the conclusion of this legal claim, whilst continuing to focus on its new research and development programme and related ventures.”