Joby Aviation hit with $116.9-million verdict in trade secrets lawsuit
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Set us as preferred A federal jury reached a verdict last week in the latest lawsuit surrounding the burgeoning market for electric vertical takeoff and landing aircraft.The jury in Tampa, Fla., found that air taxi startup Joby Aviation owes roughly $116.9 million to aviation supplier Aerosonic after it allegedly breached a confidentiality agreement and mishandled trade secrets.
Aerosonic sued Joby last year after selling it air data probes that measure pressure around an aircraft.The Clearwater, Fla.-based supplier claimed that Joby used its proprietary designs and data to develop its own probes.
Business As they compete to make flying cars a reality, air taxi companies Archer and Joby are involved in a complex legal battle that has spanned half a year.Joby shares, which have shed more than 55% so far this year, were unchanged at $5.78 in Tuesday trading.According to Aerosonic’s complaint filed in the U.S.
District Court for the Middle District of Florida, Joby developed its in-house data probes in about two years.Aerosonic said the development process would have taken around a decade if Joby hadn’t relied on the supplier’s trade secrets.Joby, a major player in the race to bring electric air taxis to market, denied the accusations.
The jury found that Joby owes Aerosonic more than $48 million for misappropriating trade secrets and more than $68 million for breaking a nondisclosure agreement.“We strongly disagree with the jury’s verdict, which we believe is unsupported by the evidence and inconsistent with the law,” Joby said in a statement provided to The Times.
“Joby independently developed its air data system through years of its own engineering and manufacturing work, and we stand firmly behind the integrity of that work and our conduct.”The jury also rejected a countersuit brought by Joby that accuse...