XP Power said on Thursday that it may have to cough up $40m in damages after US rival Comet won a trade secret misappropriation lawsuit against the London-listed power solutions provider.
Comet had alleged trade secret misappropriation relating to radio frequency match and generator technology. XP power said a jury in the US trial – which began on 14 March – found in favour of Comet, awarding the damages against XP.
“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,” it said.
“The board will now consider the judgement in detail before deciding on next steps.”
XP Power said further announcements will be made as appropriate.
At 0815 GMT, the shares were down 7.4% at 3,336.56p.
