XP Power Limited Re: Comet Legal Action (8354F)
24 Mars 2022 - 8:00AM
UK Regulatory
TIDMXPP
RNS Number : 8354F
XP Power Limited
24 March 2022
24 March 2022
XP Power Limited
("XP Power" the "Group")
Re: Comet Legal Action
XP Power, one of the world's leading developers and
manufacturers of critical power solutions to the electronics
industry, announces an update on the US lawsuit brought by Comet
Technologies USA Inc., Comet AG, and YXLON International
(collectively "Comet") against XP Power LLC, alleging trade secret
misappropriation relating to radio frequency match and generator
technology.
A jury trial for the lawsuit began on 14 March 2022 and on 23
March 2022, the jury found in favour of Comet, awarding damages of
$40 million against XP Power.
XP Power was hopeful that it would prevail on all claims and
appreciates the hard work the jury put into this case and respects
the decision, however the Group is disappointed with the judgement,
with which it does not agree. The Board will now consider the
judgement in detail before deciding on next steps.
Further announcements will be made as appropriate.
-Ends-
Enquiries:
XP Power
+44 (0)118 984
Gavin Griggs, Chief Executive Officer 5515
+44 (0)118 984
Oskar Zahn, Chief Financial Officer 5515
Citigate Dewe Rogerson
+44 (0)20 7638
Kevin Smith/Jos Bieneman 9571
Note to editors
XP Power designs and manufactures power convertors, the
essential hardware component in every piece of electrical equipment
that converts power from the electricity grid into the right form
for equipment to function.
XP Power has invested in research and development and its own
manufacturing facilities in China, Vietnam and North America, to
develop a range of tailored products based on its own intellectual
property that provide its customers with significantly improved
functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the
London Stock Exchange since 2000, XP Power is a constituent of the
FTSE 250 Index. XP Power serves a global blue-chip customer base
from 29 locations in Europe, North America, and Asia.
For further information, please visit xppower.com
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March 24, 2022 03:00 ET (07:00 GMT)
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