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    ZEST   US27888N3070

ECOARK HOLDINGS, INC.

(ZEST)
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Ecoark Shares Drop 35% After Jury Rules Against Walmart

04/12/2021 | 10:05am EDT

By Chris Wack

Ecoark Holdings Inc. shares were down 35% to $8.29 after the company said that on Friday, a Little Rock, Ark., jury awarded Ecoark and its wholly owned subsidiary Zest Labs Inc. a total of $115 million in damages in a lawsuit against Walmart Inc.

The company said Walmart was found liable on three claims from a lawsuit filed in August 2018.

The federal jury found that Walmart misappropriated Zest's trade secrets, failed to comply with a written contract, and acted willfully and maliciously in misappropriating Zest's trade secrets.

In addition to the $65 million in compensatory damages, the award includes $50 million in punitive damages for Walmart's willful and malicious conduct.

The lawsuit accused Walmart of using and disclosing trade secrets of Zest relating to reducing and fighting the worldwide problem of fresh food loss and waste.

Ecoark said it doesn't believe Walmart has any basis to appeal the verdict, and doing so "will only confirm that the judgment was proper." The company plans to file an appeal of some of the judge's pretrial rulings to make sure that Walmart is held fully accountable for its actions. The appeal will allow Ecoark and Zest to seek additional liability and damages findings against Walmart to ensure that innovative businesses are protected from misappropriation of their technologies.

Ecoark and Zest also intend to file post-trial motions in the coming weeks to add an award of their attorneys' fees as the prevailing party in the litigation.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

04-12-21 1004ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
ECOARK HOLDINGS, INC. 18.60% 6.25 Delayed Quote.-37.50%
WALMART INC. 1.13% 143.82 Delayed Quote.-0.23%
All news about ECOARK HOLDINGS, INC.
06/30Ecoark Announces Operating Results for Fiscal 2021 and Provides Financial Gui..
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06/30Ecoark Holdings, Inc. Provides Revenue Guidance for the Second Quarter and Fu..
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06/30ECOARK : Management's Discussion and Analysis of Financial Condition and Results..
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06/30Ecoark Holdings, Inc. Reports Earnings Results for the Full Year Ended March ..
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05/04ECOARK HOLDINGS, INC. : Other Events, Financial Statements and Exhibits (form 8-..
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04/12ECOARK HOLDINGS, INC. : Other Events (form 8-K)
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04/12WALMART : Ordered to Pay $115 Million in Damages in Zest Lab's Trade Secret Suit
MT
04/12Ecoark Shares Drop 35% After Jury Rules Against Walmart
DJ
04/12WALMART : Ecoark Awarded $115 Million in Lawsuit Against Walmart
AQ
04/12Ecoark Awarded $115 Million in Lawsuit Against Walmart
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More news
Financials (USD)
Sales 2021 15,6 M - -
Net income 2021 -20,9 M - -
Net Debt 2021 2,62 M - -
P/E ratio 2021 -12,4x
Yield 2021 -
Capitalization 120 M 120 M -
EV / Sales 2020 90,5x
EV / Sales 2021 18,5x
Nbr of Employees 45
Free-Float 91,0%
Chart ECOARK HOLDINGS, INC.
Duration : Period :
Ecoark Holdings, Inc. Technical Analysis Chart | ZEST | US27888N3070 | MarketScreener
Income Statement Evolution
Managers and Directors
Randy Scott May Chairman & Chief Executive Officer
Peter A. Mehring President & Director
William B. Hoagland Chief Financial Officer & Secretary
Gary M. Metzger Lead Independent Director
John P. Cahill Independent Director
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