Amazing AI’s shares have been suspended on the Aquis Exchange as the FinTech ramps up its legal fight with investor commentator Tom Winnifrith and Share Prophets Ltd.
In a statement this morning, the AQSE-listed group said it has appointed Rosenblatt Law Limited as its new company legal adviser to pursue defamation proceedings against Winnifrith and Share Prophets, following its cease-and-desist letter earlier this week.
CEO Paul Mathieson has also instructed Rosenblatt in a personal capacity to coordinate a separate legal action for damages against the same parties and associates.
However, the update also revealed a fresh market issue, as Guild Financial Advisory Limited has resigned as the company’s AQSE corporate adviser “without providing any notice period”.
Under AQSE rules, issuers must retain a corporate adviser at all times, triggering the halt.
Winnifrith, a veteran commentator and the founder/editor behind the ShareProphets website, claimed that this is because of “the disgraceful behaviour of its CEO”.
Tom Winnifrith v Amazing AI plc: Bizarre dispute heads towards legal action
He has also claimed that stock market expert and Lift Global Ventures founder Zak Mir has “been paid a five-figure sum by Amazing AI to promote its shares”.
The company said it is already in discussions with multiple parties to appoint a replacement adviser “as soon as practicable” and expects trading to resume once that process is complete.
On Tuesday morning, BusinessCloud reported that Amazing AI has said material published about it and CEO Mathieson on the Share Prophets website is false and defamatory, and has given the parties a three-day deadline to respond before moving to court.
Winnifrith claims to be “trolled on the internet with an almost daily diet of online harassment and smears”, and says he receives lawyers’ letters from “crooks trying to silence him as well as a number of death threats”.
Over recent months, ShareProphets has run a series of stories on Amazing AI, including attacks on its strategy and public statements.