LONDON (Alliance News) - Taptica International Ltd said Chief Executive Hagai Tal is resigning having been found liable for statements made in relation to the Plimus Inc sale.
Tal was both a shareholder and CEO of Plimus at the time of is August 2011 sale.
"The plaintiffs in the case are entitled to restitution for breaches of certain representations and warranties," Taptica International said.
Taptica also said it has performed well since its September interim results and expects to report earnings before interest, taxation, depreciation, and amortization growth "in line with market expectations" a higher margin than expected.
Revenue, however, will be below expectations as the firm forgoes some lower-margin sales.
Cash generation, Taptica said, is also as expected.
Shares in Taptica closed flat at 305.00 pence.