Inside information: Innofactor Plc to collect only partially the previously awarded damages related to the Lumagate acquisition [Yahoo! Finance]
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Source: Yahoo! Finance
On 11 November 2021, Innofactor Plc has announced that it has been awarded approximately 2,3 million euros in damages in arbitration proceedings at the Stockholm Chamber of Commerce (SCC). The damages are related to the 2016 Lumagate acquisition and the subsequent breach of contract by the counterparty. Following the SCC's arbitration award, the counterparty of the Lumagate acquisition has gone bankrupt. Following the bankruptcy, Innofactor Plc has continued to pursue damages in the SCC's arbitration on behalf of the counterparty's bankruptcy estate. The subsequent claim is against the legal counsel, which was the counterparty's advisor during the Lumagate acquisition. On July 3, 2024, the arbitration tribunal has awarded the case for the benefit of the defendant. As a result, Innofactor Plc will not receive the previously awarded damages to full extent, but the distribution share shall be EUR 1.0 million at the maximum. In addition to this, Innofactor Plc will bear its own costs
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