15th Apr 2016 11:24
LONDON (Alliance News) - Strat Aero PLC on Friday said it has received a defence and counterclaim from Hulsey Smith in response to the legal action the aerospace company is taking against Smith on counts of fraud and breach of contract.
Smith is the former chairman and chief executive of Strat Aero subsidiary Aero Kinetics, which Strat Aero bought from Smith in December.
Earlier this month, Strat Aero revealed that it had filed legal action against Smith alleging fraud and breach of contract arising from misrepresentations Smith made and which were material in the company's decision to acquire Aero Kinetics.
On Friday, Strat Aero said it has received a defence and counterclaim from Smith but that it believes these are "without merit".
"The company continues to believe and has been advised that it has a strong claim and a robust defence against Smith. The company intends to vigorously pursue its claims against Smith and believe his counterclaims and purported defence to be without merit," Strat Aero said in a statement.
Shares in Strat Aero were trading down 11% at 1.67 pence on Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AERO.L