UpHealth Comments On Needham Action Ruling; Believes Court Erred By Ignoring Settled New York Law And Decades Of Precedent; Company Is Exploring All Options In Response To Ruling
Portfolio Pulse from Benzinga Newsdesk
UpHealth, Inc. (NYSE:UPH) has expressed disappointment over a court ruling in favor of Needham & Company LLC, which entitles Needham to fees of $31,345,000 plus interest. The ruling is part of a legal action arising from UpHealth Services, Inc.'s engagement of Needham for financial advisory services. UpHealth believes the court erred by redefining contract terms under a theory of successor liability. The company is exploring all options, including a potential settlement with Needham and an appeal.
September 18, 2023 | 1:06 pm
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UpHealth, Inc. (NYSE:UPH) is facing a legal challenge that could potentially cost the company $31,345,000 plus interest. The company is considering all options, including a potential settlement with Needham and an appeal.
The court ruling in favor of Needham & Company LLC could potentially cost UpHealth a significant amount of money. This could negatively impact the company's financial position in the short term. The company's decision to explore all options, including a potential settlement and an appeal, indicates that it is actively trying to mitigate the impact of this ruling.
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