12:06:58 EDT Fri 02 Jun 2023
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or Name

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Eyecarrot Innovations Corp (2)
Symbol EYC
Shares Issued 12,042,648
Close 2019-10-03 C$ 0.195
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Eyecarrot shareholder Liu asks court to remove board

2019-10-03 20:18 ET - Street Wire

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by Mike Caswell

Eyecarrot Innovations Corp. shareholder Justin Edgar Liu has filed a lawsuit in the Supreme Court of British Columbia against the company's board, complaining about payments to Eyecarrot founder Adam Cegielski. According to the suit, Eyecarrot paid $645,000 to Mr. Cegielski in 2017 and 2018, an amount that substantially exceeded his salary. Mr. Cegielski has failed to account for the money, Mr. Liu says.

The allegations are contained in a notice of claim that Mr. Liu filed at the Vancouver courthouse on Sept. 27, 2019. Mr. Liu identifies himself as a Vancouver businessman who invested $1.62-million in Eyecarrot, buying nine million units at 18 cents in a Nov. 8, 2018, private placement. He claims that when he bought the stock, the company's disclosure failed to mention amounts that Mr. Cegielski was receiving.

In particular, Mr. Liu claims that from March, 2017, to November, 2018, Eyecarrot made several wrongful payments. The recipients of the money were Mr. Cegielski's wife and his elderly mother. Neither is an employee of the company, and there was no basis to pay any money to them, the suit states. As Mr. Liu sees things, the payments were for the personal benefit of Mr. Cegielski. According to the company's disclosure, Mr. Cegielski was only supposed to be receiving a $120,000 annual salary. The suit further claims that Mr. Cegielski removed Eyecarrot's chief financial officer, Anthony Jackson, after Mr. Jackson questioned the payments.

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