Inside information: Innofactor Plc to collect only partially the previously awarded damages related to the Lumagate acquisition
Innofactor Plc Inside Information, on July 3, 2024, at 15:30 Finnish time
On 11 November 2021, Innofactor Plc has announced that it has been awarded approximately 2,3 million euros in damages in arbitration proceedings at the Stockholm Chamber of Commerce (SCC). The damages are related to the 2016 Lumagate acquisition and the subsequent breach of contract by the counterparty.
Following the SCC's arbitration award, the counterparty of the Lumagate acquisition has gone bankrupt. Following the bankruptcy, Innofactor Plc has continued to pursue damages in the SCC’s arbitration on behalf of the counterparty's bankruptcy estate. The subsequent claim is against the legal counsel, which was the counterparty’s advisor during the Lumagate acquisition.
On July 3, 2024, the arbitration tribunal has awarded the case for the benefit of the defendant. As a result, Innofactor Plc will not receive the previously awarded damages to full extent, but the distribution share shall be EUR 1.0 million at the maximum. In addition to this, Innofactor Plc will bear its own costs of approximately EUR 309,000, the opposing party’s costs of approximately EUR 310,000 and the costs for the arbitration, EUR 166,150.
Espoo, July 3, 2024
INNOFACTOR PLC
Sami Ensio, CEO
Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
sami.ensio@innofactor.com
Distribution:
NASDAQ Helsinki
Main media
www.innofactor.com
Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou
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