The current board of may MMX have exposed themselves to future class actions though their continued assertions that the CHM SOC was without foundation or substance, if it is found that they failed to properly investigate the claim (or tough it out) or simply relied on internal Grimaldi/NiCu documents.
Chameleon's response of 30NOV07(surely at least vetted by AH) to MMX announcements following issue of the CHM SOC included the following statement 'Murchison's statement(s) that the Claim "has absolutely no foundation", "has no substance" and "no sustainable factual basis" are significant misrepresentations, thereby, in Chameleon's opinion creating a less than a fully informed market'. If MMX as it appears does have a case to answer, then, if it is found that they misrepresented the situation and failed to fully inform the market, then the current MMX board may be at risk of some legal action from shareholders.
Despite MMX's bravado 'we will be instructing our lawyers to take steps to bring the matter before the court as quickly as possible', I don't think MMX will want its day in court.
MMX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
