18th Apr 2016 15:35
LONDON (Alliance News) - Aero Kinetics Holdings LLC on Monday said it has filed a counter suit against London-listed drone maker Strat Aero PLC.
Strat Aero said earlier in April is had filed legation action against the former boss of its Aero Kinetics subsidiary, which it acquired in December 2015.
It alleged fraud and breach of contract against W Hulsey Smith, the former chairman and chief executive of Aero Kinetics. Strat Aero said Smith made misrepresentations which were material in Strat Aero's decision to acquire Aero Kinetics.
A number of possible resolutions for Strat Aero are on the table, it said, including rescinding the deal to acquire Aero Kinetics, in addition to actual and consequential damages.
Aero Kinetics on Monday said it had filed 15 counter claims against Strat Aero, involving "significant and important charges" against the London-listed company.
Ann Marie Arcadi, a partner at law firm Morgan Lewis and the adviser to Smith on his counterclaim, said there is a "huge untold story about this company and the acquisition", adding "we plan to reveal all of the key facts in this case."
Strat Aero closed down 6.5% at 1.52 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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