Former CEO Matt Proud and his investment firm Plantro have filed a statement of defence and counterclaim against Dye & Durham. The countersuit comes after the Toronto-based software company announced its own legal action against Proud and Plantro in October. The parties are at odds over the terms of Proud’s bid to buy back control of Dye & Durham, as the company evaluates strategic alternatives and faces an approaching deadline to meet the terms of a key creditor agreement. (The Logic, The Globe and Mail)

Talking point:  Dye & Durham’s stock tumbled after Proud and Plantro’s October announcement that they were withdrawing their bid to buy the company. While talks have since restarted, Dye & Durham has argued that Plantro and Proud’s actions in October broke an agreement that the two parties made in July. Now, Proud has launched his own $200-million claim that Dye & Durham has thwarted his interests, according to The Globe and Mail. The company’s stock fell nearly four per cent on Wednesday afternoon. – Anita