TECHNOLOGY mogul Gary Cohen has launched legal action in the US over last year's sale of Hyro's web-based businesses to Kit Digital, accusing the buyer of misrepresenting its financial position and breaching the terms of the deal.
Mr Cohen's Invigor Group, as the former Hyro is now known, says the the Nasdaq-listed Kit failed to honour a share purchase agreement to protect the value of the transaction, in which it would top up Invigor's holding in the company in the event that its stock price should fall.
Source:
http://www.theaustralian.com.au/australian-it/cohen-to-sue-buyer-for-breach-of-us-deal/story-e6frgakx-1226549156735
