In an increasingly acrimonious dispute, Gensco Pharma says its former partner alleged the company inflated how prepared it was to supply the lucrative market.
However, Gensco now alleges in filings with in a Miami-Dade County circuit court that Care A2 Plus had a $5 million loss in the first six months of last year and “had paltry sales and substantial debt”, pushing Mr Galati and Mr Bungo to instead focus on a pending ASX listing plan to enrich themselves.“Galati and Bungo were desperate to demonstrate that Care A2 could generate a new revenue stream and grow sales internationally ...
Philip Bowman, a lawyer at Cooley, is representing Mr Bugno. He said the lawsuit against the businessman was “an unfortunate and misguided attempt to gain leverage in a contract dispute pending in the Australian courts”. Mr Loader did not respond to a request for comment, while Mr Galati declined to comment about the US lawsuit.
As part of securing entry into the US, Care A2 Plus would also produce standard documentation around quality release and tracking of product through the supply chain; and it could distribute nearly 4.9 million tins with shipments starting in August last year. Gensco also alleges Care A2 Plus had made these false representations to convince it to sign the exclusive licensing deal. Two weeks later Gensco claims it learned that Care A2 did not have the capability to produce what had been promised.
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