Update, Legal Action

As shareholders are aware, in February 2012 legal proceedings were commenced against four former officers of the Company. The proceedings relate to the resignations on or about 12 October 2011 of the Company’s then executive chairman, chief executive officer, chief financial officer and company secretary; and gross payments made to these officers.

A statement of claim was filed at the Queensland Supreme Court on 23 February 2012. An amended statement of claim was filed on 3 April 2012. A further amended statement of claim was filed on 31 July 2012. In the further amended statement of claim the Company claims a total of approximately $1,200,000 from the former executives.

The former executives have now filed and served defences to the further amended statement of claim. In its defences the former executives have lodged a counterclaim against the company in the amount of $1,246,666.96.

Invion considers that the counterclaims lack merit, and will vigorously dispute them.

 

Posted in ASX Releases