- The lawsuit against Telecure (TELE) was dismissed without a hearing
- The court accepted a motion put forward by MyApps’ rightful legal counsel and ordered the termination of all other pending motions and the closure of the case
- Attempted claims were contradicted by the parties’ transactional documents relating to Telecure’s acquisition of all of the outstanding shares of MyApps
- The company has recently learned that around US$500,000, which was in the account before the CFO’s removal as a signing authority, is no longer there
- Telecure is working with legal counsel to identify precisely what happened to these funds
- Telecure Technologies Inc. (TELE) is trading at C$0.080 at 2:04 pm ET on April 25
A lawsuit filed against Telecure Technologies (TELE) by its subsidiary, MyApps Corp. was dismissed without a hearing.
In dismissing the lawsuit, the U.S. Federal Court in Florida accepted a motion put forward by MyApps’ rightful legal counsel and ordered the termination of all other pending motions and the closure of the case.
Former directors of MyApps undertook this legal action purportedly as, and on behalf of, MyApps.
However, as the filings in the lawsuit made clear, these individuals had no control over MyApps, nor any standing to commence a lawsuit on behalf of MyApps.
The individuals were not directors, nor even shareholders, of MyApps when the lawsuit was filed or after that.
Beyond the impropriety of the lawsuit on standing and authorization grounds, the attempted claims were also squarely contradicted by the parties’ clear-cut transactional documents relating to Telecure’s acquisition of all of the outstanding shares of MyApps.
Telecure intends to take appropriate legal action against the individuals that orchestrated the claim.
It is also carefully examining its legal options with respect to Lowndes, Drosdick, Doster, Kantor & Reed, P.A., the Florida law firm that filed the lawsuit in the name of MyApps.
Having re-established its control over MyApps and clarified its relationship with MyApps’ financial institution, it has turned its attention to examining the state of its affairs, most pertinently regarding the cash holdings in its U.S. bank account.
Telecure learned through court filings made by certain former directors of MyApps that they – acting on behalf of MyApps without authority – wrongly caused its CFO to be withdrawn as a signing authority to the bank account.
It has recently been learned that around US$500,000 in funds that existed prior to the CFO’s removal as a signing authority, has subsequently disappeared.
In light of this, the company is working with legal counsel to identify precisely what happened to these funds.
Telecure is a U.S.-focused health IT company specializing in using technology to make healthcare more accessible and efficient.
Telecure Technologies Inc. (TELE) is trading at C$0.080 at 2:04 pm ET on April 25.
