Looks like Galaxy Digital found an escape route from BitGo's lawsuit. Seems like not including your financial statements can blow a $1.2B deal into the cosmos.
In his ruling, Laster said Galaxy had a “clean termination right” to the BitGo acquisition based in part on BitGo’s failure to deliver certain financial statements in its efforts to go public in the United States. A Galaxy spokesperson told Cointelegraph the company was “pleased” with the court’s decision to dismiss BitGo’s claims.
“There are no facts alleged that could make it reasonably conceivable that the exercise of the termination right was inconsistent with the implied covenant of good faith and fair dealing,” said Laster. We’re pleased with the court’s decision to dismiss BitGo’s claims. Now is the time for all of us to work together and focus on the task at hand: Upgrading the global financial system in a manner that promotes innovation and protects investors and consumers alike.
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