RE: New 52-week low?25 Feb 2026 22:43
Mickydj:
Let's run through this one aspect.
If you say " I'm going to build a house on this plot of land "
I give you money in the expectation we will both make money from the project.
2.5 years later I come back and say "what you said was false"
You say " prove it "
And of course I say "it never happened, there is no house"
Now i now this not a simple contract but in contract law, this is non-performance. The absence of what was promised or agreed.
There is no need to push the contemporaneous angle we just need to consider the balance of probability. Towards this we could ask what progress was made after the statements were made? If nothing happened I.e. discussions with builders, plumbers roofers, services, if no materials were purchased , no plans drawn then on the balance of probability there would seem to have been no intention to actually build the house.
I think investors were given the expectation that SaaS infrastructure was going to be created in the near future and revenue was predicted. The absence of delivery after time is relevant but even more so is the total lack of action to bring about delivery and revenue in the period after the statement was made. Even further, there appeared to be no other external factors which prevented delivery since this was not communicated to investors in the intervening period of time. A statement indicating why building was not going to take place could have possibly mitigated the non delivery.
In other words it never happened and it is dead
Non performance, in this case failure to create is evidence of the statements "It never happened" and "It is dead"
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