XP Power Ltd (LSE:XPP) may have to pay US$40mln in damages to a US rival after losing a lawsuit over trade secrets.
A jury in the US yesterday found in favour of Comet Technologies USA Inc. and YXLON International (collectively Comet), which accused a US subsidiary of XP Power of misappropriating trade secrets in relation to radio frequency match and generator technology.
The jury awarded damages of US$40mln against XP Power.
XP Power said it “is disappointed with the judgement, with which it does not agree” and will consider the judgement in detail before deciding on next steps.
Shares fell 2.32% to 3,520.21p in midmorning trade.