Namaste says firm is ‘solid’ as ex-CEO launches legal battle
Posted Feb 8, 2019 05:09:12 PM.
This article is more than 5 years old.
TORONTO — Namaste Technologies Inc.’s interim chief executive is urging its shareholders to “ignore the rumours” as its ex-CEO commenced legal action against the cannabis company to prohibit his termination unless a “proper process” is followed.
According to court documents obtained by the Canadian Press, Sean Dollinger applied for a permanent, mandatory injunction requiring Namaste and two of its board members to retract a news release that announced his termination.
Lawyers for Dollinger also called for an injunction prohibiting Namaste’s board, or a committee or subset of the board, from removing him as a director or terminating him as CEO unless a “proper process in compliance with relevant statutes” is adopted and followed.
Shares of the Toronto-based firm on the TSX Venture Exchange plunged on Monday after Namaste announced Dollinger’s firing, its plans to commence legal action against him and the launch of a strategic review process to examine its options.
Today, the interim CEO of Namaste, which operates an e-commerce platform and a portal that connects patients to doctors, wrote a letter to shareholders urging them to focus on communications received from the company and to disregard “rumour and speculation.”
Meni Norim also told shareholders in the letter that Namaste has a strong management team in place and the business is “solid.”
The Canadian Press
