iCollege Ltd (ASX:ICT) shares have tumbled 53% this morning to A$0.007, after the company revealed legal proceedings have been commenced against it and the Management Institute of Australia Group of Companies in the Supreme Court of New South Wales.
The plaintiff, Walker Enterprises is alleging a breach by iCollege Ltd and MIA of the share sale agreement between those parties dated 16 March 2015.
Walker is alleging an entitlement to payment of up to $9mln plus interest, which it alleges to be owed to it pursuant to the agreement.
Walker is the former director and shareholder of MIA.
iCollege disputes Walker’s claims in full and will be fully defending the proceedings.
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