US court acquits Cyient’s executive in poaching case
Cyient, an Engineering and Technology solutions company, on Tuesday announced that a case brought by the US Department of Justice against an executive of the company on grounds of violation of Sherman Act for alleged 'No-Poach' agreement
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Hyderabad: Cyient, an Engineering and Technology solutions company, on Tuesday announced that a case brought by the US Department of Justice against an executive of the company on grounds of violation of Sherman Act for alleged 'No-Poach' agreement, has been dismissed mid-trial by a federal court. A press release from the company said the case was dismissed on April 28. The case, initiated in December 2021, alleged illegal suppression of competition and wages by restricting hiring and recruiting of engineers in violation of the Sherman Act, by six aerospace executives.
Meanwhile, the associated civil class action lawsuit naming Cyient Inc as a co-defendant continues. Cyient strongly denies all allegations and is taking all necessary steps for its defence. It believes that this matter will have no materially adverse effect on the company's operations, finances, or liquidity.
Commenting on the verdict, Krishna Bodanapu, Executive Vice-Chairman & Managing Director, Cyient Limited said, "Cyient has always conducted business with strict adherence to our Values First framework. The acquittal of our executive further proves the highest standards of ethics our business adheres to."
