The stock tumbled on Friday, after
The suit was sued over the alleged theft of trade secrets of the German company which it claimed were used to win contracts worth billions of dollars.
Shares in the company, a spinoff of
Listed in September last year, down 6.3% in early trading. Despite the decline, the stock still rose 44% since its listing.
The suit, filed in US District Court in Virginia on Thursday, alleged that Siemens Energy obtained the trade secrets of American veterans when the two companies were competing on a gas turbine contract for a Virginia-based power utility.
In May 2019. It claims that a senior Dominion employee shared the details of GE’s contract bid with a Siemens employee, who then carried on the trade secret for dozens of colleagues, including those responsible for Siemens’ own bid.
Read:GE stock will not go anywhere in 2021. Here is JP Morgan Still Puns It.
Those secrets were then used to improve Siemens’ own bid, eventually winning a contract between $ 225 million and $ 340 million, according to the lawsuit. “Complaining of this injustice, Siemens waited 16 months before revealing to GE that it had nothing to do with GE’s trade secret in September 2020,” People’s Letters Here, in which Siemens misrepresented and his Reduced the scope and impact of unlawful planning. ”According to the filing.
The suit claims that between May 2019 when the proposed spin-off was announced to be completed in September 2020, Siemens Energy will raise as many energy contracts as possible to enhance its financial outlook and push forward its projected stock price. Was “highly motivated” to secure. Its initial public offering.
It alleges that at least eight other gas turbine contracts by Siemens Energy are relevant to “unfairly won” by Siemens Energy in the 16-month period before the German company notified GE. It added that the secrets were still relevant to a pending contract award in South Carolina, with the two companies being contested, adding that the company “consistently refused” to reassure GE, destroying the secrets. Has been done.
Overall, it alleged that the theft enabled Siemens to win “billions of dollars” of contracts at the expense of GE’s ability to compete significantly.
City analysts said the lawsuit was a downside to sentiment over Siemens Energy, which has recently been one of the best performers in the region, noting that litigation may take a long time to come into play.
“However, in terms of share price sensitivity, a $ 1 billion fine – at the upper end of possible scenarios – would potentially equal about € 1.1 / share, or a 3% hit to the closing price on 14 January,” he said. said. “This has to be seen in the context of a 50% rise in the share price of Siemens Energy in the last three months,” he said.
Siemens Energy said it had not yet been officially dealt with the lawsuit, but had learned it through media reports.
A spokesman said Baron’s The company identified the use of trade secrets “through its robust compliance processes” before conducting internal investigations and disclosing the findings of both Dominion and GE.
Read:Siemens turns off its power unit. What does this mean for GE stock.
The company said it had implemented “comprehensive remedial measures” in response, including disciplining the employees involved — seceding from the company — removing “confidential competitive information” from all of its systems and additional for all employees in the US Providing compliance training.
“The integrity of Siemens Energy is fundamental to our operating principles and will not be compromised under any circumstances,” the spokesperson said.
A GE spokesperson said: “At GE, we protect and protect our intellectual property. As this trial goes on, we have no further comment at this time. ”
Dominion Energy declined to comment.
cialis vs levitra cialis generico prezzo in farmacia italiana cialis su internet ГЁ sicuro cialis quando non funziona
cialis generic brand cheap generic viagra usa side effects of viagra and alcohol what side effects does viagra have
vendita cialis online prezzo cialis 5 mg originale in farmacia perche il cialis non funziona dove comprare cialis in europa
plaquenil and diarrhea hydroxychloroquine name brand how long does plaquenil take to work how to take plaquenil for arthritis
viagra Г¶sterreich viagra ersatz sildenafil viagra in holland kaufen was ist viagra fГјr mГ¤nner wikipedia
durvet ivermectin paste stromectol coronavirus ivermectin sheep drench for goats what is the shelf life of ivermectin
albuterol mdi ventolin pharmacy australia ipratropium bromide vs albuterol sulfate how does albuterol work in the body
cialis et alcool cialis 50 mg tadalafil prix du cialis generique 20mg en pharmacie cialis 20 mg ou viagra
reaction to prednisone can i buy prednisone over the counter how much prednisone is too much what are side effects of prednisone
ventolin gsk cost ventolin australia budesonide inhalation suspension and albuterol how often to use albuterol
overdose on metformin how to buy metformin in usa how does metformin help with weight loss how much metformin can i take
ivermectin manufacturer stromectol 12mg online what does ivermectin kill in dogs how much ivermectin to give a dog with scabies
albuterol vs ventolin ventolin inhalador allergic reaction to ventolin inhaler why does ventolin ease stomach pain
lasix effects buy furosemide 100 mg furosemide potassium wasting or sparing what is diuretic lasix
buy neurontin 100mg 4800 mg gabapentin how to get off neurontin how many gabapentin can you take
ic prednisone prednisone 20mg by mail without prescription amoxicillin and prednisone for sinus infection how long does immunosuppression last after prednisone
prednisone heartburn does prednisone keep you awake how long does it take for prednisone to work on back pain
lasix sulfa allergy nuclear medicine renal scan with lasix protocol how does furosemide affect the heart
You ought to take part in a contest for one of the highest quality
blogs on the internet. I am going to recommend this blog!
new york erectile dysfunction https://plaquenilx.com/ can erectile dysfunction be corrected
chloroquine tablets https://chloroquineorigin.com/# – cloroquina premature babies wikipedia
steel rx side effects https://tadalisxs.com/ tadalafil)
Lock-In ‘Early Bird’ Pricing On ConversioBot Right Now NEW: Get An ‘Early Bird’ Discount On ConversioBot Finally Available At 9AM EST Tomorrow ConversioBot – the Internet’s #1 Chatbot for Website Owners. You don’t need any special skills to exploit this “Artificial Intelligence” technology. You don’t need to know a line of code. In fact, all you need to get started is to copy and paste one line of code onto your Website. The doors to ConversioBot open tomorrow morning at 9AM EST. If you’re there when the doors open, you can lock-in a special, ‘early bird’ discount. This is the important link to use tomorrow to lock-in your ‘early bird’ discount.. ==> http://tvc.in/2vpkj