Adherium (ASX:ADR) said that former Chief Executive Paul Mastoridis filed a lawsuit in the New Jersey court over the company's alleged violation of the Conscientious Employee Protection Act, according to a March 7 filing with the Australian bourse.
In October 2024, Adherium said it was unable to reach an agreement with Mastoridis to extend his tenure as CEO and that his employment would end on Jan. 7.
The company denied the claims and intends to continue to contest them, per the filing.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.