Xeriant, Inc. Provides Update on Litigation Against XTI Aircraft Co.
Xeriant Inc (OTCQB: XERI) has provided an update on its litigation against XTI Aircraft Co, a subsidiary of XTI Aerospace Inc (Nasdaq: XTIA). On February 29, 2024, Xeriant filed an Amended Complaint in the U.S. District Court for the Southern District of New York, seeking damages exceeding $500 million.
The complaint alleges multiple charges against XTI, including intentional fraudulent conduct, fraudulent concealment, breach of contract, quantum meruit, unjust enrichment, unfair competition, and misappropriation of confidential information. While XTI moved to dismiss all claims except breach of contract on March 13, 2024, the Court denied XTI's dismissal arguments entirely on January 14, 2025.
The Court has ordered XTI to file an Answer to the Amended Complaint, and Xeriant plans to proceed with discovery.
Xeriant Inc (OTCQB: XERI) ha fornito un aggiornamento sulla sua controversia legale contro XTI Aircraft Co, una controllata di XTI Aerospace Inc (Nasdaq: XTIA). Il 29 febbraio 2024, Xeriant ha presentato una Denuncia Modificata nel tribunale distrettuale degli Stati Uniti per il Distretto Meridionale di New York, chiedendo danni superiori a 500 milioni di dollari.
La denuncia allega numerosi capi d'accusa contro XTI, tra cui comportamento fraudolento intenzionale, occultamento fraudolento, violazione del contratto, quantum meruit, arricchimento ingiustificato, concorrenza sleale e appropriazione indebita di informazioni riservate. Mentre XTI ha presentato una richiesta per respingere tutte le accuse tranne quella per violazione del contratto il 13 marzo 2024, il tribunale ha respinto completamente gli argomenti di rigetto di XTI il 14 gennaio 2025.
Il tribunale ha ordinato a XTI di presentare una Risposta alla Denuncia Modificata e Xeriant prevede di procedere con la fase di scoperta.
Xeriant Inc (OTCQB: XERI) ha proporcionado una actualización sobre su litigio contra XTI Aircraft Co, una subsidiaria de XTI Aerospace Inc (Nasdaq: XTIA). El 29 de febrero de 2024, Xeriant presentó una Queja Modificada en el Tribunal de Distrito de EE.UU. para el Distrito Sur de Nueva York, buscando daños que superan los $500 millones.
La queja alega múltiples cargos contra XTI, incluyendo conducta fraudulenta intencional, ocultamiento fraudulento, violación de contrato, quantum meruit, enriquecimiento injusto, competencia desleal y apropiación indebida de información confidencial. Mientras XTI se movió para desestimar todas las reclamaciones excepto la violación de contrato el 13 de marzo de 2024, el tribunal rechazó por completo los argumentos de desestimación de XTI el 14 de enero de 2025.
El tribunal ha ordenado a XTI que presente una Respuesta a la Queja Modificada y Xeriant planea continuar con el descubrimiento.
Xeriant Inc (OTCQB: XERI)는 XTI Aircraft Co에 대한 소송 업데이트를 제공했습니다. XTI Aerospace Inc (Nasdaq: XTIA)의 자회사입니다. 2024년 2월 29일, Xeriant는 뉴욕 남부 지구 미국 지방 법원에 5억 달러 이상의 손해 배상을 요구하는 수정된 고소장을 제출했습니다.
고소장은 XTI에 대해 고의적인 사기 행위, 사기적인 은폐, 계약 위반, quantum meruit, 부당 이득, 불공정 경쟁 및 기밀 정보 유용 등의 여러 가지 혐의를 주장합니다. XTI는 2024년 3월 13일 계약 위반을 제외한 모든 주장을 기각하기 위해 움직였으나, 법원은 2025년 1월 14일 XTI의 기각 주장에 대해 완전히 거부했습니다.
법원은 XTI에게 수정된 고소장에 대한 답변을 제출하라고 명령했으며, Xeriant는 발견 절차를 진행할 계획입니다.
Xeriant Inc (OTCQB: XERI) a fourni une mise à jour concernant son litige contre XTI Aircraft Co, une filiale de XTI Aerospace Inc (Nasdaq: XTIA). Le 29 février 2024, Xeriant a déposé une Plainte Modifiée auprès du Tribunal de district des États-Unis pour le district sud de New York, demandant des dommages-intérêts supérieurs à 500 millions de dollars.
La plainte allègue plusieurs accusations contre XTI, y compris conduite frauduleuse intentionnelle, dissimulation frauduleuse, rupture de contrat, quantum meruit, enrichissement injustifié, concurrence déloyale, et appropriation indue d'informations confidentielles. Alors que XTI a demandé l'abrogation de toutes les revendications sauf celle pour rupture de contrat le 13 mars 2024, le tribunal a totalement rejeté les arguments d'abrogation de XTI le 14 janvier 2025.
Le tribunal a ordonné à XTI de déposer une Réponse à la Plainte Modifiée et Xeriant prévoit de poursuivre la découverte.
Xeriant Inc (OTCQB: XERI) hat ein Update zu seinen Rechtsstreitigkeiten gegen XTI Aircraft Co, eine Tochtergesellschaft von XTI Aerospace Inc (Nasdaq: XTIA), bereitgestellt. Am 29. Februar 2024 reichte Xeriant im US-Bezirksgericht für den südlichen Distrikt von New York eine geänderte Klage ein und forderte Schadensersatz in Höhe von über 500 Millionen Dollar.
Die Klage erhebt mehrere Anklagen gegen XTI, darunter vorsätzlichen Betrug, betrügerische Geheimhaltung, Vertragsbruch, quantum meruit, ungerechtfertigte Bereicherung, unfairen Wettbewerb und unrechtmäßige Aneignung vertraulicher Informationen. Während XTI am 13. März 2024 beantragte, alle Ansprüche bis auf den Vertragsbruch abzuweisen, wies das Gericht die Abweisungsargumente von XTI am 14. Januar 2025 vollständig zurück.
Das Gericht hat XTI angeordnet, eine Antwort auf die geänderte Klage einzureichen, und Xeriant plant, mit der Beweisaufnahme fortzufahren.
- Court ruled in favor of Xeriant by denying XTI's motion to dismiss claims
- Potential for $500 million in damages if litigation is successful
- Ongoing litigation indicates significant business relationship disruption
- Legal proceedings may require substantial time and resources
BOCA RATON, Fla., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI), an aerospace technology company dedicated to the development and commercialization of advanced materials, announces an update regarding ongoing litigation against XTI Aircraft Co. (“XTI”), the wholly owned and principal operating subsidiary of XTI Aerospace Inc. (Nasdaq: XTIA).
On February 29, 2024, Xeriant, Inc, filed an Amended Complaint in the United States District Court for the Southern District of New York against XTI alleging that XTI, engaged over a period of time in (1) intentional fraudulent conduct against Xeriant, (2) fraudulent concealment, (3) breach of contract, (4) quantum meruit, (5) unjust enrichment, (6) unfair competition, and (7) misappropriation of confidential information, and sought, among other things, damages in excess of
About Xeriant, Inc.
Xeriant, Inc. is dedicated to the discovery, development and commercialization of disruptive technologies in advanced materials and aerospace which can be successfully integrated and commercialized for deployment across multiple industrial sectors. We seek to partner with and acquire strategic interests in visionary companies that accelerate this mission. Xeriant’s advanced materials line is marketed under the DUREVER™ brand, and includes NEXBOARD™, an eco-friendly, patent-pending composite construction panel made from plastic and fiber waste, designed to replace products such as drywall, plywood, OSB, MDF, MgO board and other materials used in construction.
For more information, please go to: www.xeriant.com
SAFE HARBOR FORWARD-LOOKING STATEMENTS
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Xeriant, Inc. is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to attract investors.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Xeriant, Inc.
Investor Relations
(561) 491-9595
IR@xeriant.com
www.xeriant.com
FAQ
What damages is Xeriant (XERI) seeking in its lawsuit against XTI Aircraft?
What are the main allegations in Xeriant's (XERI) lawsuit against XTI Aircraft?
What was the outcome of XTI's motion to dismiss Xeriant's (XERI) claims on January 14, 2025?
What are the next steps in Xeriant's (XERI) litigation against XTI Aircraft?
