Y2KTec and former CEO David Black have resolved their dispute and have withdrawn the allegations they made against each other.
The dispute began when the Computer Management Group, the company sold by Black to Y2KTec, failed to meet profit warranties.
The company then blamed Black for its financial woes when it released its unaudited year-end results, and made various accusations about his statements about the progress of software development. It said it would institute legal action.
Black responded by attempting to have the company liquidated and lodged a claim of unfair dismissal through the Commission for Conciliation, Mediation and Arbitration.
However, the spat was settled at the reconciliation meeting, and both parties withdrew their allegations against each other.
Black has returned 13.36 million shares as part payment of the purchase price of the Computer Management Group.
The Y2KTec share, which rose 50% to close at 9c after the announcement yesterday, slipped 1c to trade at 8c by midmorning today.
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