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Malaysia-focused “premium grade collagen” and natural foods player Hollista Coltech (ASX:HCT) has had its shares suspended on Tuesday for not producing reports on time – and it’s also suing another company in the WA Supreme Court.
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That company is ProImmune; the dispute comes down to grievances around a distribution agreement struck around 2023.
Last month, Hollista was ordered to pay US$2.06M in damages, costs and interest.
However, to get that money, ProImmune must sue Hollista in an Australian court, “as Australian courts do not recognise U.S. judgements under the Foreign Judgements Act” – something Hollista wrote in its March 10 announcement.
Hollista also alleges that ProImmune originally lied when it approached the former with information designed to mislead Hollista into thinking the distribution deal would be worth its time and money.
(But that’s beside the point.)
In what appears to be an attempt to get on the front foot before ProImmune can launch action in Australia, Hollista is now suing ProImmune in the Supreme Court of WA.
That and one of the company’s Directors, Albert Crum, apparently a Harvard graduate according to ProImmune’s website.
“[Hollista] alleges that Crum, on behalf of ProImmune, made various representations including regarding ProImmune’s patent RE42,645 E and Immune Formulation 200 product, that those representations were false,” the company wrote on Tuesday.
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Here’s what’s perhaps most amusing: All of this comes not long after ASIC fined Hollista $1.8M last year for misleading consumers over the ability of its products to have any mitigating effect on the symptoms of COVID-19.
HCT last traded at 3.1cps. Shares are suspended at time of writing.
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