Atos Shares Rise After U.S. Appeals Court Voids $570 Million in Damages
26 Maio 2023 - 6:31AM
Dow Jones News
By David Sachs
Shares in Atos rose Friday after the company said a U.S. court
vacated an initial judgment that ordered its subsidiary Syntel to
pay $570 million in damages.
At 0842 GMT, shares were up 5.5% at EUR13.92, having earlier
risen as much as 8.9%.
The French information-technology company said a U.S. appeals
court vacated a decision, made by a district court in New York,
that found Atos liable to pay damages to U.S. healthcare-software
company TriZetto, a subsidiary of Cognizant Technology Solutions.
TriZetto had accused Syntel of misappropriating trade secrets and
copyright infringement before Atos owned the company.
The circuit court sent the case to the district court to decide
if any other damages are still appropriate. Atos believes the
maximum amount of damages legally available to TriZetto is around
$8.5 million, it said.
"This favorable decision considerably removes uncertainty for
Atos and its stakeholders," the company said.
Representatives from Cognizant didn't respond to a request for
comment Friday outside of normal U.S. business hours.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 26, 2023 05:16 ET (09:16 GMT)
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