Motion for preliminary injunction against ABT denied by US court - entire lawsuit stayed
June 29 2016 - 04:34AM
The federal court in
the Southern District of New York, USA, has for a second time
denied a motion for injunctive relief brought against Aqua Bio
Technology ASA by Access Business Group International LLC.
The court also ordered that the lawsuit be stayed pending
resolution of an arbitration, which is the dispute resolution
mechanism established in the original contract.
The court previously ruled against a
temporary restraining order against ABT and has now again ruled
against Access' claim for a preliminary injunction. Furthermore,
the court found that Access failed to prove irreparable damage, and
stayed the US lawsuit so that the disagreement between the parties
could be resolved by arbitration in London, as set forth in the
original contract.
Access filed a complaint against ABT in
March of this year, claiming that the Company is breaching a
contractual obligation to deliver a cosmetic ingredient. ABT and
Access entered in 2012 into an agreement that granted Access
certain exclusivity rights to sell skin care products containing
ABT's ingredient, Aquabeautine XL®, through its direct sales
channel. The agreement expired on 1 January 2016. Before the
parties could agree on terms on which ABT would continue to supply
Aquabeautine XL®, Access took legal action, claiming a breach of
the agreement.
For further information, please
call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio
Technology (ABT) has launched several cosmetic ingredients used in
skin care products globally. Skin care is the fastest growing
segment in the cosmetics industry, where ABT's ingredients have
established a foothold. In addition to ingredients from its own
technology, ABT also commercializes novel technologies/ingredients
for partners, for use in skin care products. Aqua Bio Technology is
listed on the Axess market of the Oslo Stock Exchange.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
Press release US lawsuit
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Source: Aqua Bio Technology via Globenewswire
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