Quantum Blockchain upbeat on latest decision from Venice Court

Quantum Blockchain Technologies updated shareholders on Friday on the latest hearing regarding the legal action started by the plaintiff Sipiem, which was subsequently acquired by Clear Leisure 2017, against Sipiem’s previous board and internal audit committee, held before the Venice Court on 10 November.

The AIM-traded firm had announced on 28 May, and subsequently on 22 September, that the court rescheduled the hearing to 10 November, with such a hearing called to verify the correct restart of the proceedings and the discussion over the court-appointed independent expert’s report.

As a result, it said the judge verified the correct resumption of the proceedings, and decided on a number of matters on Thursday.

The company said the judge had granted the plaintiff’s request to file additional relevant documentation, which gave evidence of further damages of up to €1m, which the court-appointed independent expert did not take into consideration when arriving at the economic value of the damages in his report.

That would therefore be added on top of the report’s economic value of the damages.

Quantum Blockchain said the judge also granted the plaintiff’s request to review a former court’s decision and, as a result, ordered one of the defendants to disclose and file documents regarding an alleged illicit transaction orchestrated by some defendants and the involvement of Sipiem and one of Sipiem’s investees.

The judge also rejected a request by some defendants to file an additional document.

Quantum Blockchain said the court had fixed another hearing for 12 January to verify that the defendant complied with the court order of disclosure.

At the same hearing, the court would grant further brief terms for the parties to file their specific comments on conclusions reached by the report, and to the court-appointed expert witness to file his replies.

The company said it would make further updates to shareholders as appropriate.

“We are extremely pleased with the outcome of the hearing, as the court has paved the way for the filing of important written evidence in support of the claim against Sipiem’s previous board and internal audit committee,” said Quantum Blockchain chairman and chief executive officer Francesco Gardin.

“The company looks forward with increasing confidence to the conclusion of this legal claim, whilst continuing to focus on its new research and development programme and related ventures.”

At 1213 GMT, shares in Quantum Blockchain Technologies were up 1.79% at 3.41p.