No Signboard disagrees with law firm’s allegations
GuGong alleged that No Signboard’s unilateral termination was “unlawful.”
No Signboard declared that it disagrees with shareholder GuGong allegations and demands and seeks to “defend them vigorously.”
In a bourse filing, the food and beverage firm said it received GuGong lawyers’ letter saying that GuGong views No Signboard’s unilateral termination of agreements as unlawful and in violation of the agreements.
“The demands in the letter include an immediate retraction of the notice of termination and the [No Signboard’s] announcement dated 3 March 2023, and the payment to GuGong of the costs that GuGong has incurred in connection with the matter,” read the statement.
With this, No Signboard, whose shares have been halted from trading, vowed that it will update its shareholders about the matter.