7th Oct 2022 14:28
XP Power Ltd - Singapore-based maker of power controllers - On Monday noted judgement by a jury awarding USD40 million of damages to Comet Technologies USA Inc. Further, judgement imposes an injunction upon XP Power in regard to some trade secrets.
"The board is considering next steps, including potentially asking the judge to review the level of damages and will update as soon as possible. As previously outlined, no current orders or revenue are based on this Radio Frequency technology and the damages were accounted for in our guidance at the recent August interim results. The company will update on its third quarter financial performance on October 11 2022 but is pleased to confirm that trading in the period has improved from the first half run-rates," XP Power states.
Chair James Peters says: "We are disappointed by the judgment and will consider our next steps promptly. XP Power has a strong future, and while 2022 has been frustrating, the board has not lost sight of the group's longer term prospects."
Current stock price: 1,590.80 pence, down 3.5% on Friday
12-month change: down 68%
By Tom Budszus; [email protected]
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