02:04 PM EDT, 06/06/2024 (MT Newswires) -- High Liner Foods ( HLNFF ) , said Thursday it completed the previously announced settlement of legal proceedings the company initiated against Brian Wynn and the other vendors in connection with the company's acquisition of Rubicon Resources.

The frozen-seafoods company said following the settlement, it cancelled 2.43-million shares issued in the acquisition of Rubicon, reducing its outstanding shares by 7.4%,

"We are very pleased our shareholders will experience the immediate positive benefit this has on shareholder value and the company's earnings per share," chief executive Paul Jewer said in a release.

The dispute centered on the 2017 acquisition of Rubicon, with High Liner saying Wynn and Rubicon, a shrimp company, misrepresented the status of major contracts with Sam's Club and Kroger, which soon cancelled their contracts with Rubicon.

In addition, as part of the settlement, Wynn and the other settling Rubicon vendors collectively paid a total of approximately US$5.79 million. Of that total, US$5.65 million went to reimburse funds received from a previous representations and warranties insurance claim settlement. The remainder was paid to the company, High Liner said.

The company's shares were last seen up $0.05 to $13.37 on the Toronto Stock Exchange.

Price: 13.37, Change: +0.05, Percent Change: +0.38