A civil suit in Taiwan faced by an associate of Serial System has been dismissed by a local court.
Serial System, which distributes electronic parts, was informed by its 19.02% associated company, Bull Will Co that the suit brought by the Securities and Futures Investors Protection Centre of Taiwan has been dismissed by the Taiwan Shilin District Court and that costs are to be picked up by SFIPC.
SFIPC, however, may appeal the court’s decision within 20 days from receiving the court’s written judgment, which, as of June 15, has yet to be received.
Serial System shares have gained strongly in recent days, amid news that the company’s executive chairman Derek Goh has been steadily buying up more shares from the open market.
In a separate filing on June 15, Goh was reported to have paid $22,415.54 for 153,900 shares, which works out to an average of 14.6 cents. With that,
Goh, who founded the company around three decades ago, now holds a total of nearly 363.2 million shares, or 40.54%.
Serial System shares closed June 15 at 15 cents, up 5.52% for the day.
