Imo the court case between Edelteq CEO and Mi Technovation has nothing to do with the stock price going down recently. Maybe because some investors thought it may affect the company, they started to dispose off their shares in edelteq.
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Latest News! EDELTEQ has engaged lawyers to contest this action and the Anton Piller Order. The Board has been advised that it has 'Good Grounds' to contest the Litigation. The Board has also been advised not to disclose the contents of the Anton Piller Order until it is permissible to do so. Business can be really challenging, but unwarranted to begin, from MI. Neutral Sentiment!?
@ Go lucky Happy , i suggest you go understand the latest court case filed, what do you mean is outside matter between the CEO and Mi Technovation as it doesn't involved with the company? The latest court case is about inter-alia for Breach of Confidential Information, Copyright Infringement, Patent Infringement, Conspiracy to Injure and Unlawful Interference with Trade. 9 defendants been named as well as all EDELTEQ company and its subsidairies. This is no longer outside matter in between CEO and MI Technovation. On 27 July 2023, vide the Companies’ Notice of Application (ex-parte), the Penang High Court granted an Anton Piller Order allowing the Companies’ solicitors and independent experts to enter the Defendants’ corporate premises for the purposes of searching for listed items allowed by the Anton Piller Order. The said Order was executed and commenced on 31 July 2023 and is on-going. In simple terms the company been searching for evidence of copyright, patent infringement. As for normal investors, the advise is to step sideline as we never know what would be the next thing to happen.
Mi Technovation filed a writ against Edelteq to the Penang High Court on July 19, 2023, involves claims of breach of confidential information, copyright infringement, patent infringement, conspiracy to injure, and unlawful interference with trade.
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@faridfet - i'd only look at this stock after their court case settle. Doesn't make sense why Mi Technovation, another public listed company so boldly sue Edelteq for infringement: "breach of confidential information, copyright infringement, patent infringement, conspiracy to injure, and unlawful interference with trade". It is very likely they have strong proof to do this.
Edelteq could end up fighting all the way for this case (to end up losing), or pay a big sum to settle amicably. If either happens will be bad for their company balance sheet = bad for stock price. Or they could win and their stock price start moving upwards. It's like gambling here as we don't know the true story yet.
Insider said because of Mi Technovation has obtained an Anton Piller Order from the Penang High Court which the order grants the authority to Mi Tech and their independent experts to access all the Edelteq premises to search for specific items relevant to the case.. It is now has impact and stopping all the factory operation.. Edelteq current status could not deliver major job and subsequently will delay to do any order from their customer.
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