REG - XP Power Ltd - Re: Comet Legal Action

XP PowerAnnouncement

24/03/2022 07:00

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RNS Number : 8354F  XP Power Limited  24 March 2022

 

24 March 2022

 

 

XP Power Limited

("XP Power" the "Group")

 

Re: Comet Legal Action

 

XP Power, one of the world's leading developers and manufacturers of critical
power solutions to the electronics industry, announces an update on the US
lawsuit brought by Comet Technologies USA Inc., Comet AG, and YXLON
International (collectively "Comet") against XP Power LLC, alleging trade
secret misappropriation relating to radio frequency match and generator
technology.

A jury trial for the lawsuit began on 14 March 2022 and on 23 March 2022, the
jury found in favour of Comet, awarding damages of $40 million against XP
Power.

 

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. The
Board will now consider the judgement in detail before deciding on next steps.

 

Further announcements will be made as appropriate.

-Ends-

 

Enquiries:

 

 XP Power
 Gavin Griggs, Chief Executive Officer  +44 (0)118 984 5515
 Oskar Zahn, Chief Financial Officer    +44 (0)118 984 5515

 Citigate Dewe Rogerson
 Kevin Smith/Jos Bieneman               +44 (0)20 7638 9571

 

Note to editors

XP Power designs and manufactures power convertors, the essential hardware
component in every piece of electrical equipment that converts power from the
electricity grid into the right form for equipment to function.

XP Power has invested in research and development and its own manufacturing
facilities in China, Vietnam and North America, to develop a range of tailored
products based on its own intellectual property that provide its customers
with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock
Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power
serves a global blue-chip customer base from 29 locations in Europe, North
America, and Asia.

For further information, please visit xppower.com

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