Durrant Pate/Contributor

American company, Music Licensing Inc (MLI), plans to sue the Jamaica Stock Exchange (JSE) its officers and other named entities.

MLI has made a filing with the US Securities and Exchange Commission (SEC) outlining its intent to take legal action against the Jamaican equities regulator and others.

In its response, the JSE in a posts on its website, says it completely refutes the filing that has been made by MLI against it. According to the JSE, “the allegations contained in the filing are completely spurious and without foundation.”

The JSE says it “wishes to make clear that we intend to take all the necessary steps with the relevant agencies of the United States Government to investigate and take action in respect of the filing that has been made by MLI with the SEC given that such filing is false, defamatory and would have the effect of misleading investors.”

The nature of the lawsuit is not known but what is known is that last April MLI, a leading music licensing company based in Naples, Florida announced its intention to pursue listing on the JSE. MLI reports that this strategic move aims to expand the company’s reach and visibility within the Caribbean market while providing new opportunities for growth.

MLI’s management team, led by CEO Jake P. Noch is eying great potential for acquisitions of Jamaican-based music intellectual property and music companies, including music publishers, music distribution companies, and local artist music catalogs. The team believes these assets have often been overlooked and that the JSE listing could provide significant resources to utilize the company’s shares as share capital for potential acquisitions.