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The outcome of litigation is inherently uncertain, and there can be no assurances that favorable outcomes will be obtained.
−Removed: For example, Rhombus Energy Solutions, Inc., a BorgWarner Company (“Rhombus”), has filed a demand for arbitration for breach of contract.
−Removed: Rhombus has alleged the Company failed to pay certain purchase orders for D.C.
−Removed: electric vehicle chargers (“V2G Chargers”) totaling $5,026,560.00.
−Removed: In response, the Company has asserted counterclaims for breach of express warranty, fraudulent inducement (misrepresentation), fraudulent inducement (concealment), violation of California’s Business and Professions Code § 17200, promissory estoppel, and unjust enrichment.
−Removed: The Company has alleged Rhombus fraudulently induced the Company into the purchase of the V2G Chargers by both omitting certain facts including but not limited to Rhombus’ inability to develop, commission, maintain, and service the technology necessary to provide V2G Chargers conforming to those promised under the parties’ contract.
−Removed: Rhombus and the Company are actively engaged in discovery and are attempting to agree on ESI search terms.
−Removed: A final arbitration hearing date has not yet been set, but we expect it to be scheduled for the fourth quarter of 2023.
−Removed: In addition, regardless of the outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors.
+Added: For example, o n July 20, 2021, we issued a purchase order (“PO”) to our supplier, Rhombus Energy Solutions, Inc.
+Added: (“Rhombus”), for a quantity of DC Chargers and dispensers for EVs (“DC Chargers”), for a total price of $13.2 million.
+Added: As previously disclosed, a dispute (the "Dispute") arose as to the PO, and an arbitration proceeding was initiated.
+Added: On February 2, 2024 (the “Settlement Date”), we and Rhombus entered into a settlement and release agreement (the “Settlement Agreement”) pursuant to which, among other things, we agreed to pay Rhombus approximately $0.46 million for certain initial DC Chargers within 15 days from the Settlement Date.
+Added: We further agreed to pay Rhombus an aggregate of $2.4 million for certain DC Chargers upon shipment with payments correlating to the amounts shipped due prior to shipment, a minimum of 50% of which shall be paid within 12 months after the Settlement date, with the remaining balance, if any, to be paid within 24 months after the Settlement Date.
+Added: The Settlement Agreement further provides for the dismissal of the legal action as to us and Rhombus.
+Added: We and Rhombus agreed to release one another from any and all claims relating to the Dispute.
Please see Note 17 Commitments and Contingencies, of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K for details.
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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.