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Experion Holdings Ltd
Symbol EXP
Shares Issued 98,733,156
Close 2019-07-08 C$ 0.25
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Experion calls Serenas's suit reprehensible, abusive

2019-07-09 10:24 ET - Street Wire

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by Mike Caswell

Experion Holdings Ltd. denies that it had any part in a conspiracy against its former chief executive officer, Stephen Serenas. The company says that accusations in a recent lawsuit that Mr. Serenas filed constitute "reprehensible conduct" and an "abuse of process." The company asks that the case be dismissed, and that Mr. Serenas be ordered to pay its legal fees.

The statements from Experion come in response to a lawsuit that Mr. Serenas filed in the Supreme Court of British Columbia on May 30, 2019. He claimed that he was supposed to have received shares of Experion's predecessor, Viridium Pacific Group Ltd., for his work in the formative stages of the company, but the company never issued him the stock. Others, including the company's then-director, Sean MacNeil, stole the shares, Mr. Serenas claimed. He sought the court-ordered issuance of the stock or, alternatively, $5,546,035.

For its part, Experion says that Mr. Serenas is not entitled to anything, at least not from the company. In a response filed on June 27, 2019, Experion describes Mr. Serenas's lawsuit as lacking some of the necessities of a legal document. It is "prolix, confusing, scandalous, frivolous and vexatious," among other lawyerly adjectives. Experion says that Mr. Serenas should provide "strict proof" of his allegations.

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