Legal Proceedings
−Removed: 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.
−Removed: The arbitration demand was filed by a contract counterparty to a joint product development agreement entered into by the business before Novanta acquired it.
−Removed: 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.
−Removed: The claimant sought compensatory and punitive damages, lost profits and other relief.
−Removed: During the three months ended July 2, 2021, the arbitrator formally closed the arbitration pursuant to a settlement between the parties.
−Removed: No financial damages payments were made by the Company.
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business.
6 unchanged sentences
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.