Advanced Blockchain AG (ABX.F), Friday announced that it has noted down the preliminary judgment issued by the Regional Court of Frankfurt am Main in connection with a salary claim filed by a former member of the Management Board.
The company argued that the judgment was issued on a preliminary basis, in a purely documentary proceeding, and does not constitute a final decision.
Also, the court's findings relate exclusively to remuneration matters and do not include any substantive assessment of past business transactions.
Furthermore, the company stated that the proceedings did not address the complex circumstances surrounding the former management of the subsidiary Incredulous Labs Ltd., Cyprus, and in particular not the question of individual responsibility for irregularities that occurred in the past.
Following an independent auditor's review, the company suspects that Incredulous Labs Ltd. may have been the victim of misappropriation of assets in recent years.
In light of this, Advanced Blockchain has filed claims for damages against former executives and external business partners, aiming the consistent enforcement of existing claims and the safeguarding of assets for the benefit of shareholders.
Currently, Advanced Blockchain's stock is trading at 2.77 euros on the Frankfurt Exchange.
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