EssentiaLink Lawsuit Filed Against Izodia After Izodia Changes Statements.Business Editors BROOMFIELD, Colo.--(BUSINESS WIRE)--Sept. 30, 2002 EssentiaLink filed a lawsuit last month against Izodia in District Court, City and County of Broomfield, Colorado, alleging that Izodia misled them about the functionality of Izodia's InTrade platform. Izodia plc is traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. : IZO IZO Izumo, Japan (Airport Code) IZO Indium Zinc Oxide IZO Izana Observatory (LSE LSE - Language Sensitive Editor :IZO). The lawsuit alleges that Izodia failed to divulge that its InTrade platform was not fully operational when it signed a contract with EssentiaLink, and that Izodia intentionally and knowingly made false and misleading material misrepresentations during Izodia's efforts to contract, customize, and implement their InTrade software platform. In the lawsuit, which demands punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. , Izodia is accused of negligent misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. , false representation, negligent nondisclosure, and breach of contract. Izodia, formerly called Infobank, announced on July 23, 2002, (Strategic Update, RNS RNS Regulatory News Service (UK stock market) RnS Rinnovamento Nello Spirito (Italian: Renewal in the Spirit) RNS Ribonukleinsäure (German: RNA) RNS Residue Number System , London Stock Exchange) that they failed to agree to rescue terms with potential bidders. The firm's board announced its decision to close the business, including its UK operations, and said it hoped to return the company to cash as soon as possible. The Board also stated that the Company has significant potential liabilities where a negotiated settlement is desirable. However, Izodia later said it seeks to link up with a larger player in the supply chain market. In an August 21, 2002, interview with Computing, managing director Jim Kirkwood explained that Izodia is extending the functionality of its product range, which has traditionally relied on its InTrade procurement product, in an effort to relate closely with enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. vendors. On September 27, 2002, (AIM Admission, RNS number 7688B, London Stock Exchange) Izodia announced that the Company would be seeking a quotation for its Shares on the Alternative Investment Market of London Stock Exchange plc ('AIM'). Also in this announcement, the Board resolved that the Company would continue to wind up its operations and that following the cessation of Izodia's operations the Company will become a cash shell, as its principal asset is cash. The plaintiff, EssentiaLink, is represented by Zupkus & Angell, P.C. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion