Ecoark Holdings (OTCMKTS:ZEST) Files 8k regarding jury award.
This morning, Ecoark Holdings, Inc. symbol ZEST, issued a press release announcing that an Arkansas jury awarded the Company and Zest Labs Inc., a wholly-owned subsidiary of the Company, a $115 million damage award in the Company’s lawsuit against Walmart Inc. (NYSE:WMT).
Court documents show that on Friday, April 9, the jury awarded $60 million to Zest for the charge that “Walmart misappropriated Zest Labs’ trade secret.” The jury awarded Zest another $50 million for exemplary (punitive) damages. For breaching the nondisclosure agreement, the jury awarded Zest another $5 million.
EcoArk CEO Randy May commented “We are happy that we had our day in court and that the jury found that Walmart misappropriated our trade secrets and breached the agreement between the parties. The damages awarded were strongly supported by the evidence. The jury verdict also allows us to file motions seeking attorneys’ fees and costs.
ZEST shares tanked on the news. ZEST ended the day closing at 4 down 66% after losing 8.65 on the day. Volume was 12 times the 30 day average of 93,256.
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