Asia Broadband withdraws legal proceedings against market makers for now
Asia Broadband has filed a voluntary notice of dismissal without prejudice regarding its civil suit in the US District Court for the Central District of California, against three major market makers in the US called Virtu Financial, GTS Securities and G1 Execution Services.
The company originally filed the federal civil lawsuit claiming damages of $250-million in January, alleging that the companies engaged in securities fraud and stock price manipulation. The dismissal filed on August 20 allows Asia Broadband’s legal counsel to re-evaluate the matter and optimise its overall legal strategy.
“We remain committed to protecting shareholder value and evaluating all available legal and regulatory avenues,” says Asia Broadband president and CEO Chris Torres.
Notably, a dismissal without prejudice preserves the company’s legal right to take further action and initiate related proceedings.