Pioneer Power Solutions: Surges after settlement with Myers Power

Pioneer Power Solutions

04/12/2020 15:23

** Shares of heavy electrical equipment maker  PPSI.O  up
62.02% at $5.73
    ** Co finalizes settlement with Myers Power Products Inc, a
specialty electrical products maker  urn:newsml:reuters.com:*:nPn2JtPN6a
    ** In January 2016, Myers filed suit against Pioneer,
Pioneer Custom Electrical Products Corp (PCEP) and two PCEP
employees who are former employees of Myers, alleging PPSI
wrongly used its confidential business information
    ** Judicial order prohibited PPSI from giving special cash
dividend to its shareholders, which was dropped as part of
settlement
    ** Terms of settlement were not disclosed
    ** Stock has risen 139.21% so far this year 
    

 (Reporting by Rithika Krishna)
 ((Rithika.Krishna@thomsonreuters.com;))