Akoustis Technologies Appeals Judgment in Qorvo Litigation – Faces Financial Uncertainty

On November 29, 2024, Akoustis Technologies, Inc. filed with the U.S. District Court for the District of Delaware, indicating its intention to appeal the recent judgment in the matter of Qorvo Inc. vs. Akoustis Technologies, Inc., under DE Case 1:21-cv-01417-JPM. The judgment includes damages totaling approximately $38.6 million, along with about $18.4 million in attorneys’ fees and pre-judgment interest. Additionally, post-judgment interest and a described permanent injunction, as detailed in a prior Current Report on Form 8-K from October 17, 2024, are being challenged.

Following the verdict in the Qorvo Litigation, Akoustis Technologies is facing considerable uncertainty concerning its financial standing and future prospects. The company is currently evaluating the potential impact of the judgment on its business, financial results, and overall condition. Depending on the company’s ability to secure financing or explore strategic alternatives, it may eventually need to seek protection under applicable bankruptcy laws.

The company’s Form 8-K filing also included a cautionary note regarding forward-looking statements. Acknowledging the existence of uncertainties and risks, Akoustis Technologies outlined that its forward-looking statements involve factors that could significantly differ from actual results. While the company believes it has a reasonable basis for these statements, it’s noted that such forecasts are based on a combination of current factors and future projections, leading to uncertainty.

It is essential for investors and stakeholders to consider the risks and uncertainties associated with the potential outcomes of legal motions and appeals regarding the company’s situation. These concerns are additionally underscored in the company’s Annual Report on Form 10-K for the year ended June 30, 2024, as well as in subsequent Quarterly Reports on Form 10-Q. Akoustis Technologies emphasizes that it will not hesitate to revise or update its forward-looking statements when necessary.

As of the report’s date, Akoustis Technologies has attested to the accuracy of the above information by the designated authority.

By: Kenneth E. Boller
Name: Kenneth E. Boller
Title: Chief Financial Officer

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Akoustis Technologies’s 8K filing here.

About Akoustis Technologies

Akoustis Technologies, Inc, through its subsidiary, Akoustis, Inc, designs, develops, manufactures, and sells radio frequency (RF) filter products for the mobile wireless device industry in the United States, Asia, Europe, and internationally. It operates through Foundry Fabrication Services and RF Filters segments.