Camtek files lawsuit against Orbotech
Jul 15, 2005
Camtek Ltd. and its parent company, Priortech Ltd., filed, in the Tel Aviv District Court, a lawsuit against Orbotech Ltd. and Orbot Systems Ltd. (collectively, "Orbotech"). The lawsuit seeks to recover damages caused to Camtek and Priortech as a result of Orbotech's request for a Preliminary Injunction given ex parte, which attempted to prevent Camtek from marketing two of its leading products, and which was canceled on the same day it was received by Camtek. In addition, the claims cover Orbotech's activities in submitting the Preliminary Injunction immediately prior to the date of the "pricing" of Camtek's proposed secondary offering on NASDAQ, which subsequently caused the delay and eventual cancellation of the offering. The claims, at this stage, are for the sum of $4,100,000, although Camtek and Priortech proposed to raise an aggregate of $39,950,000 in the secondary offering, and the damages claimed may be updated in the future. Since this lawsuit is in its preliminary stage, Camtek cannot predict its outcome, but it plans to vigorously pursue its claims.
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