Array Technologies, Inc. Enters Into Settlement Agreement with Nextracker LLC, Flextronics International U.S.A., Inc.

Rhea-AI Summary

Array Technologies (NASDAQ: ARRY) has reached a monetary settlement to resolve a lawsuit with Nextracker, filed in 2017, concerning trade secret misappropriation and contract breaches. Acknowledging wrongful behavior, Nextracker admitted that an Array employee was wrongly hired and confidential information was improperly obtained. The trial was set to begin on July 18, 2022. Both parties expressed satisfaction with the settlement, which will remain confidential unless legally required to disclose. Array Technologies is a leading provider of solar tracker technology aimed at enhancing clean energy production.

Positive

• The settlement resolves a long-standing legal dispute, potentially reducing legal costs going forward.
• Nextracker acknowledged wrongful behavior, which could lead to improved business practices in the industry.

Negative

• Confidentiality of the settlement terms may limit transparency for shareholders.
• The lawsuit's initiation indicates past operational vulnerabilities regarding trade secrets and employee agreements.

ALBUQUERQUE, N.M., July 21, 2022 (GLOBE NEWSWIRE) -- Array Technologies, Inc. (“Array”) (NASDAQ: ARRY) and Nextracker LLC, Daniel S. Shugar, Marco Garcia, Flextronics International U.S.A., Inc., Scott Graybeal and Colin Mitchell have entered into a monetary settlement agreement to resolve a lawsuit Array filed in 2017 in the United States District Court for the District of New Mexico, Case No. 1:17-cv-00087-JCH-LF. Array’s claims in the lawsuit included misappropriation of Array’s trade secrets, tortious interference of contract, and breach of contract. The trial was set to begin on Monday, July 18, 2022.

Nextracker acknowledges that an Array employee was hired in violation of his non-compete agreement, certain Array confidential information was improperly obtained, and Nextracker’s behavior was wrongful. The parties are pleased to conclude this matter and look forward to continuing their shared missions of mainstreaming clean energy worldwide. As part of the settlement, the parties agreed to treat the settlement terms as confidential except to the extent required or necessitated by law, regulation, or the corporate parties’ shareholder disclosure standards.

About Array Technologies, Inc.
Array Technologies is a leading American company and global provider of utility-scale solar tracker technology. Engineered to withstand the harshest conditions on the planet, Array’s high-quality solar trackers and sophisticated software maximize energy production, accelerating the adoption of cost-effective and sustainable energy. Founded and headquartered in the United States, Array relies on its diversified global supply chain and customer-centric approach to deliver, commission and support solar energy developments around the world, lighting the way to a brighter, smarter future for clean energy. For more news and information on Array, please visit arraytechinc.com.

Media Contact: 
Steve Brecken
H+K Strategies
832-285-4620
Steve.Brecken@hkstrategies.com

Investor Relations Contact: 
505-437-0010 
investors@arraytechinc.com

 

FAQ

What lawsuit did Array Technologies settle with Nextracker?

Array Technologies settled a lawsuit filed in 2017 regarding trade secret misappropriation and contract breaches.

What were Nextracker's admissions in the Array Technologies lawsuit?

Nextracker admitted to hiring an Array employee in violation of a non-compete agreement and obtaining confidential information improperly.

When was the trial for the Array Technologies lawsuit set to begin?

The trial was set to begin on July 18, 2022.

What is the market impact of the Array Technologies settlement with Nextracker?

The settlement may reduce legal costs and risks associated with ongoing litigation for Array Technologies.