NCS Multistage Holdings Announced That Our Subsidiary Has Settled Outstanding Litigation With Boyd & McWilliams; The Insurance Carrier Will Pay All Agreed-Upon Settlement Amounts To The Plaintiff, Resulting In No Cash Payments By NCS
Portfolio Pulse from Benzinga Newsdesk
NCS Multistage Holdings has settled a litigation with Boyd & McWilliams without any cash payments, as their insurance carrier will cover the settlement amounts. A provision of $40.8 million accrued for litigation will be offset in Q4 2023 with a benefit from the settlement. NCS has no outstanding property damage claims litigation after settling a Wyoming case in August 2023, also covered by insurance.
December 14, 2023 | 9:07 pm
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POSITIVE IMPACT
NCS Multistage Holdings has resolved litigation with Boyd & McWilliams, with the insurance carrier covering all costs. A $40.8 million litigation provision will be offset in Q4 2023, improving financial outlook.
The settlement of litigation without cash payments by NCS Multistage is positive news for the company. The offsetting of the $40.8 million provision will likely be viewed favorably by investors, potentially leading to a short-term positive impact on the stock price. The resolution of legal issues also removes uncertainty, which is generally positive for stock performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100