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SOURCE Oz M.E.H
The lawsuit deals with a severe breach of a share purchase agreement of Israeli Oz M.E.H
TEL AVIV, Israel, February 11, 2014 /PRNewswire/ --
In the Tel Aviv District Court, a lawsuit of a total of $11.75 million against Asseco Poland SA company and its owner and president, Adam Goral, is conducted, dealing with a bad faith breach of contract regarding a share purchase agreement of Israeli Oz M.E.H.
Asseco Poland SA is part of Asseco Group, which is one of the ten biggest software companies in Europe. The group owns many companies traded in Warsaw, Tel Aviv and New York stock exchange markets. The group specializes in providing software solutions to different sectors, such as banks, insurance companies, health institutes and international organizations such as NATO and the European Union.
According to the lawsuit, Asseco breached the agreement to purchase Oz M.E.H's shares after long and intensive negotiations that had been conducted in the first half of 2011.
Asseco's representatives expressed again and again their determination and commitment in carrying out the agreement, both before the plaintiff and before third parties.
However, the plaintiffs alleged that in the end of June 2011, Góral informed them that he changed his mind about the agreement, following an "advise" given by Asseco's director and "second thoughts" about the financial profitability of this agreement.
According to the lawsuit, in light of the fact that the plaintiffs relied on the agreements that were reached with Asseco and damages that were expected to be caused to them as a result of a bad faith breach of contract, Góral offered the plaintiffs compensation according to which, Asseco would buy only 20% of the shares for a sum of $5 million. Eventually, it turned out Góral wasn't planning on executing the compensation offer as well.
According to plaintiff's allegations, as a result of this breach of contract, the plaintiffs suffered an estimated $11.75 million damages and additional damages in a scope that hadn't been estimated yet.
Prometheus Creative Solutions Ltd.
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