Dialight Plc (LON:DIA) have stated today that further to announcements made on 15 March 2023 (in respect of the ruling on Sanmina’s dismissal motion) and on 29 November 2023 (in respect of the ruling on Sanmina’s motion for reconsideration), Dialight confirms that both judgments have now been fully released by the court and are available at https://ecf.nysd.uscourts.gov. They are also available on Dialight’s corporate website at www.dialight.com/ir/shareholder-information/sanmina-litigation/.
In the First Judgment, the court denied Sanmina’s motion to dismiss Dialight’s fraudulent inducement claim and denied its motion for summary judgment on Sanmina’s accounts receivable claim. In the Second Judgment, the court affirmed its prior opinion and denied Sanmina’s motion for summary judgment on its accounts receivable claim.
Dialight’s fraudulent inducement claim, together with various claims and counter-claims relating to excess and obsolete inventory, accounts receivable and accounts payable, will now proceed to trial, and Dialight will continue to rigorously pursue its claims.
If Dialight’s claims are successful at trial, the range of outcomes includes the payment by Sanmina to Dialight Plc of between $0 and c. $220m (excluding legal costs and judicial interest). If Sanmina’s claim is successful at trial the range of outcomes could include the payment by Dialight to Sanmina of between $0m and $8.3m (excluding legal costs and judicial interest).
Dialight (LON:DIA) 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.
