Porch Group Prevails in Lawsuit

Rhea-AI Summary

Porch Group Prevails in Legal Dispute

SEATTLE, June 22, 2022 — Porch Group (NASDAQ: PRCH) announced a decisive victory in the arbitration case Kandela, LLC v. Porch.com, defeating all claims made by former owners of Kandela. The arbitrator ruled in favor of Porch, affirming that the company is entitled to reimbursement of legal costs. This case involved allegations of breach of contract relating to Porch’s acquisition of Kandela. With the arbitrator's decision being final and unappealable, Porch aims to eliminate related uncertainties and legal expenses moving forward.

Positive

• Porch Group prevailed in all counts of the Kandela arbitration case.
• The arbitrator affirmed Porch's entitlement to reimbursement of legal costs.

Negative

• None.

All Claims by Former Owners of Kandela LLC Against Porch Group Denied by Arbitrator 

SEATTLE, June 22, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, announced it had prevailed on all counts in the matter of Kandela, LLC v. Porch.com, Inc. et al. The presiding arbitrator has also determined that Porch, as the prevailing party, is entitled to reimbursement of its legal costs and expenses.  The arbitral tribunal’s decision is anticipated to be final and unappealable.

In the dispute filed several years ago, owners and managing members of Kandela, LLC at such time filed a complaint against Porch.com, Inc. (“Porch”) in the Superior Court of the State of California, alleging breach of contract and other claims related to Porch’s acquisition of the Kandela business, which included an earnout provision. The case was transferred to JAMS arbitration pursuant to the terms of the acquisition agreement.  

“We are pleased with the arbitrator’s decision and are happy to have this matter and any related uncertainty behind us,” said Matt Ehrlichman, Founder, Chairman and CEO of Porch Group.

About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 25,500 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “intend, “demonstrate,” “expect,” “estimate,” “anticipate,” “should” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Other factors may cause Porch’s actual results to differ materially from those expressed or implied in the forward-looking statements and such factors are discussed in Porch’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent reports filed by Porch with the SEC. Copies of Porch’s filings with the SEC may be obtained at the “Investors” section of Porch’s website at www.ir.porchgroup.com or on the SEC’s website at www.sec.gov.

The forward-looking statements included in this announcement are made as of the date hereof. Porch is not under any obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise, except as otherwise may be required by the federal securities laws.

Investor Relations Contact:
Emily Lear, Head of Investor Relations
Porch Group, Inc.
(701) 214-8177
Emilylear@porch.com

Matt Glover and Alex Thompson
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com

Porch Press contact:
Catherine Adcock
Gateway Group, Inc.
(949) 386-6332
PRCH@gatewayir.com

 

FAQ

What was the outcome of the Kandela LLC v. Porch Group arbitration?

Porch Group prevailed on all counts and is entitled to reimbursement of its legal costs.

What were the claims made against Porch Group in the Kandela arbitration?

The claims included breach of contract and other issues related to Porch's acquisition of Kandela.

When was the Porch Group arbitration decision announced?

The decision was announced on June 22, 2022.

What stock symbol is associated with Porch Group?

Porch Group is listed under the stock symbol PRCH.