Charles & Colvard Pursues Claims against K&G Creations
February 25, 09
Charles & Colvard, Ltd. recently announced that its discussions with Jewelnet Corporation d/b/a K&G Creations regarding possible settlement of the litigation between the parties have been unsuccessful.
Charles & Colvard’s board of directors confirmed that the company will move forward with the lawsuit filed on June 16, 2008 against K&G Creations, anticipating it may be necessary to continue the legal process through a court trial which is scheduled for December 2009.
The North Carolina-based company intends to pursue its collection claim against K&G Creations for in excess of $2.8 million with interest at a rate of 12 percent from July 4, 2008.
The board of directors continues to believe that the counterclaims of K&G are without merit, and the company intends to vigorously defend against the counterclaims.
In June 2008, Charles & Colvard and K&G Creations filed lawsuits against one another.
In August, Charles & Colvard, the sole manufacturer of Moissanite jewels, received a NASDAQ share delisting notice. The following month, the company closed its