Ottawa

Ottawa Senators owner Eugene Melnyk files notice that he's suing Acerus Pharma

The owner of the Ottawa Senators has begun legal proceedings against a drug company that he alleges has been mismanaged to the detriment of shareholders, including himself.

Acerus Pharmaceuticals says allegations 'without any factual or legal foundation'

Ottawa Senators owner Eugene Melnyk, seen here in a file photo from December 2015, has accused Acerus Pharmaceuticals of mismanagement to the detriment of shareholders, including himself. (CBC)

The owner of the Ottawa Senators has begun legal proceedings against a drug company that he alleges has been
mismanaged to the detriment of shareholders, including himself.

A notice of action was filed in Toronto against Acerus Pharmaceuticals Corp. of Mississauga, Ont., by Eugene Melnyk, who had been head of one of Canada's largest drug companies before he bought the NHL team.

He's seeking $145 million alleging breach of fiduciary duty, plus other monetary and non-monetary compensation.

The allegations have not been proven in court.

The company (TSX:ASP) says in an emailed statement that it considers the allegations to be "without any factual or legal foundation" and hadn't yet received a formal statement of claim against the company or the co-defendants.

Melnyk's notice of action was filed March 4 at the Ontario Superior Court of Justice and he issued a news release Wednesday saying a full claim will be filed within 30 days.

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