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Big Technologies considers action against suspended CEO; Shares tank
(Sharecast News) - Shares in Big Technologies plunged on Friday as the company said it was considering action against suspended chief executive officer and founder Sara Murray. The company said it could no longer rely on a statement signed by Murray on behalf of the company in a litigation, that relates to her interests in and relationship with Zinc Ltd, Monitoring Partners Ltd, RCP Ltd and Romelle Ltd.
These four entities held shares in Big Technologies at the company's initial public offering on London's AIM Market in July 2021 of around 17.7% of the issued share capital at that time.
"In light of the information from its further investigations, the company is considering its position in relation to the litigation as well as other steps which it may be appropriate to take, including the possibility of claims or actions against and in relation to Sara Murray and others," Big Technologies said.
"As part of its continuing investigations, the company has asked Sara Murray to clarify the exact nature of her interests in and relationship with the four entities referred to."
The company on Tuesday said Murray was suspended from her role, owing to concerns in respect of her conduct with litigation relating to the company's acquisition of Buddi. Big is currently defending a High Court claim brought by a small number of former Buddi shareholders.
Murray held currently holds around 26.8% of BIG.
Reporting by Frank Prenesti for Sharecast.com
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