HollySys Automation Technologies (HOLI) Provides Update Related to Litigation Filed Against the Firm in the British Virgin Islands – InvestorsObserver

Whats Going on with HollySys Automation Technologies?

HollySys Automation Technologies (HOLI) has just provided an update related to litigation filed against the automation and control technology firm in the British Virgin Islands. The litigation was filed by Mr. Baiqing Shao and Ace Lead Profits Limited in the Eastern Caribbean Supreme Court (the Court) Territory of the British Virgin Islands. HOLI stock, at market close yesterday, Sept. 23, dipped down to $20.53, which is a 0.68% decrease in value.

According to a company news release, HollySys adopted amendments to the Amended and Restated Memorandum and Articles of Association of the Company on January 7, 2021. On February 4, 2021, Mr. Baiqing Shao and Ace Lead Profits began court proceedings against HollySys seeking to prevent HollySys from enforcing the 2021 Amendments.

On September 22, 2021, the Court rejected Mr. Baiqing Shaos claim, which means the 2021 Amendments were valid and are currently effective. Furthermore, the claimants have been ordered to pay HollySys' litigation expenses, which HollySys plans to enforce, including by seeking satisfaction against the shares in the company held by Mr. Baiqing Shao.

HOLI has a Short-Term Technical Rank of 98. Find out what this means to you and get the rest of the rankings on HOLI!

Hollysys Automation Technologies Ltd is a China-based company that provides automation and control technologies and products. The company operates through three segments. Its IA segment supplies solutions including third-party hardware-centric products, proprietary software products, and others. The Rail segment supplies train control center and automation train protection to the rail and subway industries. The M&E segment consists of its two Southeast Asia-based subsidiaries that provide mechanical and electrical solutions. Hollysys Automation Technologies generates most of its sales from the Chinese domestic market.

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HollySys Automation Technologies (HOLI) Provides Update Related to Litigation Filed Against the Firm in the British Virgin Islands - InvestorsObserver