REG - Dialight PLC - Sanmina Litigation

DialightAnnouncement

25/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240925:nRSY5189Fa&default-theme=true

RNS Number : 5189F  Dialight PLC  25 September 2024

 

Dialight PLC

25 September 2024

 

Dialight plc ("Dialight" or the "Company")

 

Sanmina litigation

 

Further to the announcement released on 24 September 2024, Dialight has
reviewed the jury verdict and judicial rulings. The jury rejected Dialight's
claims relating to fraudulent inducement and wilful misconduct, whilst
granting Dialight's claim that Sanmina breached the Manufacturing Services
Agreement ("MSA") alongside granting Sanmina's claim that Dialight breached
the MSA with respect to Sanmina's accounts receivable ("AR") and 'excess and
obsolete' materials ("E&O") claims.

 

The jury awarded damages of $0.9m to Dialight in respect of Sanmina's breach
of contract, and awarded c.$5.3m in damages against Dialight in respect of
Sanmina's AR claim and c.$3.4m in damages against Dialight in respect of
Sanmina's E&O claim.

 

The Company is considering potential post-trial motions in respect of the
levels of damages, interest payable and legal costs.  It is also reviewing
its options with regards to appeal.

 

Contacts:

Dialight plc

Tel: +44 (0)7740 882227

Richard Allan - General Counsel & Company Secretary

 

About Dialight:

Dialight (LSE: DIA.L) is a global leader in sustainable LED lighting for
industrial applications. Dialight's LED products are providing the next
generation of lighting solutions that deliver reduced energy consumption and
create a safer working environment. Our products are specifically designed to
provide superior operational performance, reliability and durability, reducing
energy consumption and ongoing maintenance and achieving a rapid return on
investment. The company is headquartered in the UK with operations in
Australia, Dubai, Germany, Malaysia, Mexico, Singapore, the UK and the USA.
www.dialight.com.

 

Notes:

1.  This announcement includes inside information as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 (as it forms part of UK law pursuant
to the European Union (Withdrawal) Act 2018). On the publication of this
announcement via a Regulatory Information Service, this information is
considered to be in the public domain.

2.  The person responsible for making this announcement is Richard Allan,
General Counsel & Company Secretary of Dialight plc.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCLIMMTMTJTTPI