19:01:22 EDT Thu 18 Jul 2024
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DMG Blockchain Solutions Inc
Symbol DMGI
Shares Issued 167,226,377
Close 2022-02-11 C$ 0.65
Market Cap C$ 108,697,145
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DMG Blockchain sues MNP over audit failure

2022-02-11 19:40 ET - Street Wire

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by Mike Caswell

DMG Blockchain Solutions Inc. has filed a lawsuit in the Supreme Court of British Columbia against its former auditor, MNP LLP, over an unfinished audit. DMG complains that MNP backed out of its audit agreement the day before the company's 2018 financials were to be filed. The company was then subject to a cease trade order and had to find another auditor, the suit states.

The allegations are contained in a notice of claim that DMG filed at the Vancouver courthouse on Jan. 28, 2022. The suit goes back to the fall of 2018, when MNP was marketing itself as a provider of auditing services to cryptocurrency companies. At the time, most auditors were not servicing cryptocurrency listings, but MNP held itself out as having specialized expertise for the industry.

According to the suit, MNP pitched itself to DMG as being able to complete an audit before DMG's filing deadline, which was to land on Jan. 29, 2019. MNP would charge between $40,000 and $45,000. DMG says that it hired MNP on that basis, and received an engagement letter formalizing the arrangement on Nov. 20, 2018. It then provided all the necessary information and documents to MNP.

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