Greater Than is suing ABAX for more than 650 MSEK for IP violations and breach of contract
As previously informed, Greater Than intends to file a lawsuit against ABAX for infringement of contractually regulated IP rights to the Stockholm District Court. The claim amounts to over SEK 650 million.
During the autumn, the Company and its advisors conducted an extensive investigation and have now reached a point where the Company can compile the breaches of contract with regards to IP violations. The breaches of contract are substantiated by extensive evidence, and the claims are supported by calculations made by experts. The investigation has resulted in a comprehensive submission, in which the Company is demanding over SEK 650,000,000 in damages from the other party. It has taken somewhat longer than expected to compile this lawsuit, as the investigation has generated evidence to an unexpected extent. The investigation is still ongoing, but the Company considers that the evidence is already sufficient to bring a lawsuit. The Company is fully committed to a lengthy process in order to preserve the financial value that belongs to the Company and its shareholders.
First lawsuit
In October 2024, Greater Than filed the first lawsuit for breach of contract, including non-payment and damages for material breaches of contract. The claim amounts to approximately NOK 182 million in total and the process is in full progress. The company has received ABAX's response but believes that the objections lack substance and are not based on the terms of the contract.
This disclosure contains information that Greater Than is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 10-01-2025 10:18 CET.
For more information, please contact:
Investor Relations
PR@greaterthan.eu
+46 706 54 20 58
www.greaterthan.eu
About Greater Than
Greater Than is a global provider of risk intelligence into road safety and climate impact. Greater Than’s AI technology converts GPS data into driver scores that predict driver crash probability and climate impact. The scores can be further enhanced with features that help organizations manage and act on the data insights.
Insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data use Greater Than’s analysis to optimize driver risk management, achieve insurance profitability, manage sustainability & ESG reporting, and monetize GPS data. Greater Than (GREAT: ST) is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company’s Certified Adviser. Learn more at www.greaterthan.eu.
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