Sequoia Financial Group Limited (ASX: SEQ) (Sequoia) has received a Defence and Counterclaim filed by Tim McGowen in the Supreme Court of Victoria. Mr McGowen is counterclaiming damages in excess of $1.1M, the bulk of which comprises the deferred consideration that Sequoia did not issue Mr McGowen in light of the claims Sequoia has raised against Mr McGowen. In anticipation of receipt of this Defence and Counterclaim, Sequoia has carried a contingent liability.
As announced on 6 February 2024, Sequoia is taking legal proceedings against Mr McGowen in relation to its acquisition of Informed Investor from Mr McGowen and others, pursuant to a share purchase deed dated 29 March 2022 (Share Purchase Deed).
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