25th Aug 2016 08:00
LONDON (Alliance News) - Challenger Acquisitions Ltd on Thursday said the complaint filed against the company by Madison Capital Markets LLC has been dismissed.
The complaint against Challenger, which works on designing and building giant observation wheels, was filed in September 2015. Madison was demanding compensation for alleged services advising and facilitating Challenger's purchase of Starneth and its investment in the New York Wheel project.
United States District Court for the Southern District of New York has denied the complaint and Madison has been denied a motion for leave to amend the claim, Challenger said.
"This is the outcome we were expecting and we are delighted that we can now put this court case behind us and are very grateful to our shareholders for their patience during this time," said Mark Gustafson, Challenger's chief executive.
Challenger shares were up 4.0% to 23.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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