Porta Communications, an AIM listed public relations firm, says it will 'defend vigorously' a legal claim made against it, and its chief executive David Wright, by rival Media Square.
Media Square announced yesterday that it had begun legal proceedings over an incident in 2009, when some of its own shareholders tried to appoint David Wright as the company's Chief Executive.
Media Square has branded the action an "unlawful conspiracy" and says disruption caused to its advertising division may contribute to it missing profit expectations. It is seeking £760,000 in damages.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In response Porta says it "absolutely refutes these claims as they are untrue and will defend them vigorously. The board of Porta also believes that any losses which Media Square may have suffered are likely to be as a result of their own actions and failings."
In a trading update, also issued today, Porta says all its divisions are trading in line with, or better than expectations.
Shares in Porta fell 12% in early trading, Media Square was down 24%, having lost 86% of its value since the start of the year.
BS
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
