Quantum Blockchain Technologies PLC (AIM:QBT) (QBT) issued an update on ongoing legal action started by Sipiem, which was later acquired by QBT subsidiary Clear Leisure, against Sipiem’s previous board and internal audit committee.
At a court hearing in Venice on 12 January 2022, the judge granted the parties the right to file their comments on the court appointed independent expert’s Report.
According to the Report, the damages caused to Sipiem may exceed €7mln.
Under the timeline established by the court, the parties must file their comments on the estimated damages by 27 January. An updated Report will then be filed by an independent expert by 28 February.
The final hearing will be held on 4 May, where the parties will present their finalised requests to the court.
Following the final hearing, the parties will have 80 calendar days to file their final written arguments and replies.
The court is expected to pass its judgement before the end of 2022.
Francesco Gardin, CEO and chairman of QBT, commented: “Once again, we are very pleased with the outcome of this intermediate hearing, especially in relation to the fast-track schedule for the next steps of this legal action.
“The company maintains a confident outlook on the merit of the legal claim, and will, in the meantime, continue working on its new strategy focused on Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum Computing.”