Cyient executive acquitted in US DoJ case

Cyient, a global Engineering and Technology solutions company, today announced that a case brought by the US DoJ against a Cyient executive on grounds of violation of Sherman act for alleged 'No-Poach' agreement, has been dismissed mid-trial by a federal court on April 28, 2023. The case, initiated in December 2021, alleged illegal suppression of competition and wages by restricting hiring and recruiting of engineers in violation of the Sherman act by six aerospace executives.

Meanwhile, the associated civil class action lawsuit naming Cyient Inc as a co-defendant continues. Cyient strongly denies all allegations and is taking all necessary steps for its defense. It believes that this matter will have no materially adverse effect on the Company's operations, finances, or liquidity.

Commenting on the verdict, Krishna Bodanapu, Executive Vice Chairman & Managing Director,Cyient Limited said, "Cyient has always conducted business with strict adherence to our Values FIRST framework. The acquittal of our executive further proves the highest standards of ethics our business adheres to".

Shares of Cyient Limited was last trading in BSE at Rs. 1182.90 as compared to the previous close of Rs. 1165.95. The total number of shares traded during the day was 11140 in over 1061 trades.

The stock hit an intraday high of Rs. 1185.60 and intraday low of 1160.05. The net turnover during the day was Rs. 13111199.00.

Source : Equity Bulls

Keywords

Cyient INE136B01020 US DoJCase Dismissed NoPoachAgreement