Opus entities named in new lawsuit
Pradeep Tripathi and one of his companies, Nexus Environmental, LLC, have filed suit against Opus Group AB (publ) and Opus Inspection, Inc. (collectively, “Opus”) in the United States District Court for the Southern District of New York. Mr. Tripathi is a former owner of Systech International, LLC, a company that Opus Group AB (publ) purchased in 2008. Opus denies the allegations in the complaint and plans to defend itself vigorously.
The complaint alleges that Opus breached its 2008 contract to make earnout payments related to the Systech acquisition in an amount of at least USD 2.2 million, and seeks damages of at least USD 15 million.
The complaint also alleges that Opus engaged in anticompetitive conduct that prevented Nexus from competing in the vehicle inspection market in California. Nexus has claimed damages of USD 3.5 million and has requested an award of treble damages under the federal and California antitrust laws.
Mölndal, June 29, 2017
Opus Group AB (publ)
For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
Phone: 46 765 25 84 93
About Opus Group
Opus is a technology driven growth company in the vehicle inspection and vehicle services markets. The company has a strong focus on customer service and innovative technology within emission and safety testing and vehicle services. The Group had approximately SEK 1.7 billion in revenues in 2016 with strong operating cash flow and good operating profitability. Opus’ plan is to double its revenues to reach USD 400 million in revenues and USD 100 million in EBITDA by 2021. The main growth is estimated to come from the expansion of the vehicle communication and services business and the international expansion of the vehicle inspection business with a primary focus on the Latin American and Asian markets. With close to 1,800 employees, Opus is headquartered in the Gothenburg region of Sweden. Opus has 26 regional offices of which 20 are located in the United States and the others in Stockholm, Peru, Chile, Argentina, Mexico and Pakistan. Opus has production facilities in the U.S. in Hartford, Ann Arbor and Tucson. The Opus share is listed on Nasdaq Stockholm.