By Joe Hoppe
Quantum Blockchain Technologies PLC said Thursday that eight out of 10 defendants have appealed an Italian court ruling that previous management of Sipiem in Liquidazione Srl must pay 6.2 million euros ($6.5 million) to its Clear Leisure 2017 subsidiary.
The cryptocurrency technology company said the defendants have asked the Venice Court of Appeal to set aside the Venice Court’s judgment, delivered in November. The hearings for appeals are tentatively set to begin in March.
Quantum said the award remains subject to enforcement proceedings until such a hearing and any contrary court judgment. Clear Leisure intends to seek dismissal of the appeals, and has in parallel instructed legal counsel to immediately initiate judgment enforcement proceedings against all defendants.
The legal action had been started by Sipiem, which was later acquired by Clear Leisure against Sipiem’s previous board and internal audit committee.
Shares at 0930 GMT were up 0.03 pence, or 2.7%, at 0.95 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
