QVT drops lawsuit against Flamingo

The judicial officers at the Tribunal of Bucharest have acknowledged the request to have the lawsuit opened by the US-based buyout firm QVT against tech retailer Flamingo International for the annulment of decisions of the Shareholders’ Meeting dismissed.
The ruling of the court can be appealed.

Last month, buyout firm QVT sold its 22% stake to Midfair Management Services based in Unirea shopping center.

Previously, the US QVT filed a legal action against tech retailer Flamingo International, demanding the annulment of decisions made in Flamingo’s general meeting on August 17, when shareholders disagreed with the proposal of dissolving the company, and approved a capital hike through a bonds issuing instead.

The US-based buyout firm that held 15% equity in Flamingo International had introduced in the meeting’s agenda the proposal to dissolve the company. However, the board of the company deemed the proposal as unjustified and mal-intended.

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