XP Power Limited Re: Comet Legal Action (8354F)

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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.

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Enquiries:

 
 XP Power 
                                          [phone] 
 Gavin Griggs, Chief Executive Officer     5515 
                                          [phone] 
 Oskar Zahn, Chief Financial Officer       5515 
 
 
 Citigate Dewe Rogerson 
                                          [phone] 
 Kevin Smith/Jos Bieneman                  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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March 24, 2022 03:00 ET (07:00 GMT)