Tony Walker and former Founding Scientist of the Company, Dr...

Tony Walker and former Founding Scientist of the Company, Dr Irmgard Irminger-Finger, have commenced legal proceedings against the Company in the Supreme Court of Victoria. The Company has been served with a Writ and Statement of Claim.Dr Irmgard's Consultancy Agreement with the Company has recently terminated.The plaintiffs in the proceedings are the original founders and major shareholders of BARD1AG SA (BARD1AG), a fully owned subsidiary of the Company. BARD1 acquired BARD1AG from the plaintiffs in 2016. The proceedings relate to Performance Shares in the Company issued to the plaintiffs as part consideration under the agreements under which the Company acquired BARD1AG. Following the 30 for 1 share consolidation approved by BARD1 shareholders, Dr Irmgard Irminger-Finger holds a total of 3,608,414 performance shares and Tony Walker holds a total of 2,950,055 performance shares. Conversion of each of the Performance Shares into one ordinary share in the Company was subject to the achievement of certain milestones related to the Company’s Lung Cancer Test before the expiry date, being 9 June 2021. The Statement of Claim alleges among other things that the Company was subject to obligations to do all things as were reasonably necessary to seek to have the Test satisfy the milestones by the expiry date and not to deprive the plaintiffs of the opportunity to have each of their Performance Shares convert into one ordinary share in the Company. The Statement of Claim further alleges that in breach of those obligations the plaintiffs have been deprived of that opportunity. The proceedings seek damages, costs, interest and such further or other orders as the Court considers just.

Bad Blood here.