Embattled online retailer SurfStitch has released a statement addressing the mounting financial and legal woes it has been facing in recent weeks.
In a statement to the market, the company has indicated that it intends on defending the recent litigation lodged by 5% shareholder Crown Financial group.
"The company is defending the Crown Financial Litigation and has lodged substantial counter claims against Coastalcoms Pty Ltd, Three Crown Investments Pty Limited and two directors, Joakin Sundell and David Wooldridge."
In an open letter released by Crown Financial, a number of questions were asked of the etailer in relation to the recent suspension of trading and sale of assets.
SurfStitch responded, stating it had no interest in responding to said questions, due to ongoing and unresolved negotiations.
SurfStitch has also said it will continue to cooperate with the ongoing ASIC investigation, which was launched in 2016, but cannot share or release any information regarding timing or content.
In its closing comment, the company stated that while it rejected the initial offer for 100% of the company's shares by Crown Financial group member Coastalwatch Pty Limited in 2016, it is now open to a more 'genuine commercial offer' for the business.
The business is now also facing a second class action lawsuit, launched by Gadens Solicitors earlier this week.