Clean Seas Tuna Ltd
(ASX:CSS) is suing its former supplier, Gibsons Ltd, in the Supreme Court of South Australia.
Cleans Seas is seeking compensation for losses that allegedly arose from Gibsons supplying it with deficient feed, which did not have enough taurine in it.
The seafood company says taurine is an essential dietary requirement for its Yellowtail Kingfish stocks, and the deficient feed caused mortalities and poor growth in its fish stocks.
The company is waiting on an expert report from a forensic accountant. In the meantime, Clean Seas estimates its losses are between $34.5 million and $39.1 million, excluding interest and costs.
Clean Seas Tuna reported a net loss of $10.8 million at 31 December 2015.
