04:42:06 EDT Wed 19 Jun 2019
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Veritas Pharma Inc (2)
Symbol C : VRT
Shares Issued 12,157,399
Close 2019-03-19 C$ 0.63
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Veritas sues former CEO Franciosi for breach of duty

2019-03-20 10:50 ET - Street Wire

Also Street Wire (C-LIHT) Liht Cannabis Corp

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by Mike Caswell

Veritas Pharma Inc. has filed a lawsuit in the Supreme Court of British Columbia against its former president, Luigi Franciosi, and three former directors for breach of duty. Veritas claims that Mr. Franciosi and the others improperly lent $1-million to a company that became Liht Cannabis Corp. They also spent $400,000 and issued 1.5 million shares in a deal that was not in Veritas's best interest, the suit states.

Lui Franciosi
Lui Franciosi

The allegations are contained in a notice of claim that Veritas filed at the Vancouver courthouse on March 11, 2019. Besides Mr. Franciosi, the defendants are former directors Linda Sampson, Yari Nieken and David Alexander. All three left the company relatively recently, with Mr. Franciosi resigning on Feb. 8, 2019. There were no indications of any trouble when they resigned, or at least none that were publicly disclosed.

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