Ad hoc announcement pursuant to Art. 53 LR
Verdict confirms that XP engaged in illegal trade secret theft;
Jury awards Comet USD 40 million in compensatory and punitive damages
Comet Group ('Comet') today announced that a jury in the U.S. District Court for the Northern District of California has decided in favor of Comet in its trade secret misappropriation case against XP Power, LLC ('XP'). In connection with this verdict, the jury awarded Comet USD 20 million in compensatory damages and USD 20 million in punitive damages, for a total of USD 40 million. Following this verdict, the company intends to seek an injunction preventing XP from further misappropriating Comet's stolen trade secrets.
'The jury's verdict validates the uniqueness of the work performed by hundreds of Comet engineers around the world who devote their lives to develop cutting-edge technologies,' said Kevin Crofton, CEO of the Comet Group. 'Technology is the lifeblood of Comet, and the reason we continue to invest significantly in research and development year after year. This result reinforces our decision to file this litigation against XP and confirms that theft of trade secrets will not be tolerated.'
Comet's lawsuit against XP asserted that XP improperly acquired and used Comet's stolen trade secrets to develop its next generation RF generator and RF match network products. XP has the option to appeal the jury's verdict.
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The Comet Group is a globally leading, innovative technology company based in Switzerland with a focus on plasma control and x-ray technology. With premium high-tech components and systems, we enable our customers to both enhance the quality of their products and make their manufacturing more efficient and eco-friendly. Our innovative solutions are in demand in the semiconductor and electronics market, the aerospace and automobile industry and in security inspection. Headquartered in Flamatt, Switzerland, the Comet Group has a presence in all world markets. We employ more than 1,500 people worldwide, including about 500 in Switzerland. Besides production facilities in China, Denmark, Germany, Malaysia, Switzerland and the USA, we maintain various other subsidiaries in Canada, China, Japan, Korea, Taiwan and the USA. Comet (COTN) is listed on the SIX Swiss Exchange.