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Irish-owned firm can pursue lawsuit over $47m stock transfer

Nutriband's case described as 'cogent and compelling' by US judge

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The average cost per test has been €98 but there is variation depending on the provider. Stock photo

The average cost per test has been €98 but there is variation depending on the provider. Stock photo

The average cost per test has been €98 but there is variation depending on the provider. Stock photo

Nutriband, the medical technology company founded by Dubliner Gareth Sheridan, can pursue its lawsuit accusing two companies and their executives of misleading it during partnership negotiations which led to it transferring shares which had a value of $47m (€40.42m).

The company, which also counts former presidential candidate Sean Gallagher as its president, initially filed the suit at the US District Court for the Eastern District of New York in April last year. The lawsuit was made against two companies called Advanced Health Brands and TD Therapeutic and three executives, Raymond Kalmar, Paul Murphy and Michelle Polly-Murphy.

Nutriband claimed the defendants made "materially false and misleading statements" to make their companies seem more desirable and allow for the exchange of stock.