Spark wins lawsuit brought by Cayman Islands firm

Spark wins lawsuit brought by Cayman Islands firm
Spark was awarded costs after successfully defending claims made against it. (Image: NZME)
John Anthony
Spark has successfully batted away a lawsuit brought by a Cayman Islands-incorporated company claiming the New Zealand stock exchange-listed telco acquired valuable contractual rights from a director who breached fiduciary obligations.The disputes between Cayman Spectrum and Spark arose out of transactions involving the purchase, use and sale of radio spectrum – the range of electromagnetic frequencies used for wireless communication such as mobile phone networks and wifi.Allegations against SparkAt the high court in Auckland, plaintiff C...

More Markets

Spark share collapse leads NZ sharemarket down
Markets Market Close

Spark share collapse leads NZ sharemarket down

The S&P/NZX 50 Index closed down 0.99% or 127.78 points.

Tom Raynel 21 Feb 2025
Spark valuation plummets $1 billion as profit crashes
Markets

Spark valuation plummets $1 billion as profit crashes

Spark has reported a 78% fall in net profit to $35 million in the first half of its 2025 financial year and reduced its full-year operating earnings guidance. However, it has maintained its revised full-year dividend guidance.Shares – already down 42% over the past year after two...

Staff reporters 21 Feb 2025
Genesis weathers a tough winter
Markets

Genesis weathers a tough winter

Genesis took a $59m gas hit, but still made $70m profit.

Ian Llewellyn 21 Feb 2025
Sky TV takes a financial hit
Markets

Sky TV takes a financial hit

Sky Network Television reported a net loss after tax of $1.7 million in what it has been described as a “challenging” and “difficult” six months, with the broadcaster's attention focused on moving its customers to a new satellite because of the ailing Optus D2 satellite.The p...

Staff reporters 21 Feb 2025