- Abattis Bioceuticals (ATTBF) has overcome its legal and regulatory allegations from shareholders and the British Columbia Securities Commission
- The plaintiffs have signed an agreement to discontinue the class action lawsuit against Abattis and CEO Robert Abenante
- Abattis has filed an application to revoke the cease trade order with the BCSC to have its shares resume trading on the CSE
- Abattis Bioceuticals is a life sciences company that aggregates, integrates and invests in biotechnology services
- Abattis Bioceuticals (ATTBF) is up 48.04 per cent and is currently trading at C$0.0265 per share
Abattis Bioceuticals (ATTBF) has overcome its legal and regulatory allegations from shareholders and the British Columbia Securities Commission.
On November 26, 2018, the BCSC issued a temporary Order and Notice of Hearing making allegations against 11 issuers and 51 other individuals and companies for events that transpired between the months of February 2018 and August 2018.
Abattis was named in the Order and the Notice of Hearing but was removed from it on January 16, 2019.
As a result of the increased scrutiny on the company, its auditor refused to sign off on its financial statements. This led to Abattis being subjected to a cease trade order on February 4, 2019.
On July 11, 2019, two investors, Michael Tietz and Duane Loewen, launched a proposed class action lawsuit naming the company, its CEO and a former CFO.
The class action lawsuit relates to the Order and Notice of Hearing as well as to the secondary market liability provisions of the Securities Act.
To date, there has been no application for certification of the lawsuit as a class action.
The company has since hired a new CFO and imposed several measures aimed at getting its shares trading again on the Canadian Securities Exchange.
One of these measures is the request for the resignation of its previous auditor, Dale Matheson Carr-Hilton Labonte.
Abattis has also filed all of its financial statements and sent an application to the BCSC to revoke the CTO.
The company and CEO Robert Abenante delivered responsive materials to the plaintiffs’ application for leave on August 31, 2020.
As a result of those materials, the plaintiffs have signed an agreement to discontinue the class action lawsuit against the company and Mr. Abenante.
Robert Abenante, Abattis’ CEO, commented,
“Throughout these difficulties, the board and management stayed resilient and dedicated to proving that the allegations were unfounded. The progress with the BCSC, the discontinuance of the class action lawsuit, the clean audits of our financial statements and the third party valuations of our acquisitions are all proof of that.
I would also like to personally thank our many shareholders who have stood by me and our company during this very difficult time and expressed their support.
I made a promise to the company, its shareholders and its stakeholders that I would not leave until I had completed the BCSC review, received a clean bill of health of the financial statements and proven that the company and I should not have been named in the class action lawsuit.
Now that these significant milestones have been achieved, I am tendering my resignation as President, CEO and Director of Abattis effective immediately. Our very capable CFO will be the acting CEO until a permanent replacement is found.”
Abattis Bioceuticals is a life sciences company that aggregates, integrates and invests in biotechnology services internationally.
Abattis Bioceuticals (ATTBF) is up 48.04 per cent and is currently trading at C$0.0265 per share as of 12:52 pm ET.
