litigation
confidence high
sentiment positive
materiality 0.75
Array Tech settles trade secret suit against Nextracker for $42.75M; Nextracker acknowledges wrongdoing
Array Technologies, Inc.
- Array receives $42.75M settlement from Nextracker and other defendants to resolve 2017 trade secret and breach of contract claims.
- Nextracker admits an Array employee was hired in violation of non-compete and that confidential information was improperly obtained.
- Trial set for July 18, 2022; settlement reached July 15, 2022, with confidentiality of terms except as required by law.
- Mutual limited release covers all claims asserted or that could have been asserted in the case.