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Silvaco Announces Update to Silvaco, Inc. v. Ole Christian Andersen et al Litigation
SANTA CLARA, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- Silvaco Group, Inc. (NASDAQ: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable
About this update from Silvaco Group, Inc.
[{"type":"text","content":"SANTA CLARA, Calif., July 24, 2024 (GLOBE NEWSWIRE) -- Silvaco Group, Inc. (NASDAQ: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, announced an update to the pending litigation regarding Silvaco, Inc. v. Ole Christian Andersen et al relating to the acquisition of Nangate Denmark ApS (“Nangate”) in 2018 (the “Nangate Litigation”), which pre-dates the current management team. The case was tried in the Superior Court of the State of California, and a jury verdict was delivered on July 23, 2024. After deliberations, the jury awarded Nangate $11.3 million in damages under the breach of contract claims. This amount does not include potential statutory prejudgment interest in an estimated amount of up to $4.2 million. Further, punitive damages relating to the claims of fraud will be considered at a hearing expected to be held on August 16, 2024. Punitive damages, if any, would be payable by the Company only to the extent they are above the amount awarded in connection with the breach of contract claims. While the Company respects the jury’s decision and intends to abide by any final rulings or judgments, it is also exploring all options, including the possibility of post-trial motions and appeals. “While we are disappointed with the jury’s decision, and we are still assessing the full impact of the verdict, we believe this ruling and the related damages award will have no material impact on our core business operations of providing TCAD, EDA software, and SIP solutions going forward,” said Babak Taheri, Silvaco’s chief executive officer. “We look forward to updating investors on our second quarter results and full-year outlook in early August.” As of June 30th, 2024, Silvaco had an unaudited cash, cash equivalents and marketable securities position of $102.3 million. Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements about the Company’s estimates, expectations, beliefs, intentions, plans or strategies for the future (incl...