If you are currently on the hunt for pharmaceutical stocks, then it may be a good idea to consider taking a look into Nymox Pharmaceutical Corp. (OTC: NYMXF). On Wednesday, the company had been in focus after it announced that a formal order had been issued by the Bahamas Supreme Court to put an official end to the litigation that had been brought against the company by terminated former employees.
The order also awarded the company the legal costs it had incurred in order to defend itself against the lawsuit and the damages that it suffered as a consequence of the litigation. In the news release from the company yesterday, the key takeaways from the order were also shared. The interim injunction order was set aside, the litigants were ordered to pay the net costs of the action to Nymox, and lastly, the reputational damage caused to the company would be assessed by the registrar before the claimants made the relevant payment.
The Chief Executive Officer of Nymox, Dr. Paul Averback, spoke about the litigation and the order as well. He noted that the malfeasances of the former terminated employees had proven to be a time-consuming and costly affair for the company’s board, management, and shareholders. The company had many more important things to be engaged in than unseemly legal battles, he stated.
He went on to state that the shareholders of Nymox had not been flummoxed by the attempt by the litigants to gain control of some of the company properties. Dr. Averback also noted that the company’s management continued to be satisfied with the fact that these individuals had departed following their rumination from Nymox. The verdict from the court was a positive step in that particular direction. The company would provide further information about the expenses and damages.
