06:09:11 EDT Thu 20 Jun 2024
Enter Symbol
or Name

Login ID:
Plantx Life Inc (3)
Symbol VEGA
Shares Issued 30,423,688
Close 2024-05-10 C$ 0.025
Market Cap C$ 760,592
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Plantx sues former auditor DMCL over mishandled revenue

2024-05-10 19:38 ET - Street Wire

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by Mike Caswell

Plantx Life Inc. has filed a lawsuit in the Supreme Court of British Columbia against its former auditor, Dale Matheson Carr-Hilton Labonte LLP, over the mishandling of $4-million in revenue. Plantx claims that the auditor failed to detect a "material misstatement" in the company's 2021 financial statements. The failure led to a trading suspension and to Plantx suffering losses that the company claims were substantial.

The allegations are contained in a notice of claim that Plantx filed at the Vancouver courthouse on Thursday, May 9. The sole defendant is Dale Matheson Carr-Hilton Labonte, which is better known as DMCL. The case arises from Plantx's financials from 2021, which DMCL was hired to audit on June 8, 2021. According to the suit, DMCL was to do all the things an auditor would normally do, including obtaining assurance that the financial statements were "free of material misstatement due to fraud or error" and to identify any "internal control deficiencies."

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