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What changed 10-Q
Item 1. Legal Proceedings
2020-11-10 compared with 2020-08-06 · 5 added, 0 removed, 3 unchanged (63% of the section changed)
Legal Proceedings
+Added: In April 2020, the Company received notification of an arbitration demand filed with the American Arbitration Association against a business acquired by the Company in June 2019.
+Added: The arbitration demand was filed by a contract counterparty to a joint product development agreement entered into by the business before Novanta acquired it.
+Added: The arbitration demand alleges breach of contract and other claims arising out of allegations that the business failed to engage in required marketing activities for the product developed under the joint product development agreement.
+Added: The claimant is seeking compensatory and punitive damages, lost profits and other relief.
+Added: The Company believes that the claims are without merit and no amount has been accrued for in the consolidated financial statements.
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.