Jul, 2001 : E-Sync Hit With Lawsuit, Nasdaq Delisting

📅 July 3, 2001 - E-business infrastructure and services firm E-Sync Networks, Inc. (esyncnetworks.com) today announced it is being sued by Howard Systems International, a privately-held IT staffing company that had agreed to purchase E-Sync in May.
HSI recently filed a suit in Stamford, CT alleging "breach of contract, fraud and violation of the Connecticut Unfair Trade Practices Act arising out of E-Sync's entry into a letter of intent with a third party and termination of its letter of intent with HSI. The complaint seeks a temporary injunction and compensatory and punitive damages," a release from E-Sync said.
E-Sync said it entered into a non-binding letter of intent with HSI to sell its professional services business to HSI, "which letter of intent it subsequently terminated," according to the release.
"We are confident that the assertions made by HSI in these legal actions are without merit and we intend to defend them vigorously," said Michael A. Clark, President and COO of E-Sync.
The company also said it had received notice from the Nasdaq informing them that shares in E-Sync would be removed from the SmallCap market because they failed to meet the index's minimum bid price.
E-Sync said it would appeal the delisting.

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