Dialight PLC
25 September 2024
Dialight plc ("Dialight" or the "Company")
Sanmina litigation
Further to the announcement released on 24 September 2024, Dialight has reviewed the jury verdict and judicial rulings. The jury rejected Dialight's claims relating to fraudulent inducement and wilful misconduct, whilst granting Dialight's claim that Sanmina breached the Manufacturing Services Agreement ("MSA") alongside granting Sanmina's claim that Dialight breached the MSA with respect to Sanmina's accounts receivable ("AR") and 'excess and obsolete' materials ("E&O") claims.
The jury awarded damages of $0.9m to Dialight in respect of Sanmina's breach of contract, and awarded c.$5.3m in damages against Dialight in respect of Sanmina's AR claim and c.$3.4m in damages against Dialight in respect of Sanmina's E&O claim.
The Company is considering potential post-trial motions in respect of the levels of damages, interest payable and legal costs. It is also reviewing its options with regards to appeal.
Contacts:
Dialight plc
Tel: +44 (0)7740 882227
Richard Allan - General Counsel & Company Secretary
About Dialight:
Dialight (LSE: DIA.L) is a global leader in sustainable LED lighting for industrial applications. Dialight's LED products are providing the next generation of lighting solutions that deliver reduced energy consumption and create a safer working environment. Our products are specifically designed to provide superior operational performance, reliability and durability, reducing energy consumption and ongoing maintenance and achieving a rapid return on investment. The company is headquartered in the UK with operations in Australia, Dubai, Germany, Malaysia, Mexico, Singapore, the UK and the USA. www.dialight.com.
Notes:
1. This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
2. The person responsible for making this announcement is Richard Allan, General Counsel & Company Secretary of Dialight plc.
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