New Delhi, May 2 (IANS) Global engineering and technology solutions provider Cyient (NS: CYIE ) on Tuesday said that a case brought by the US Department of Justice (DoJ) against its executive on grounds of violation of Sherman Act for alleged 'No-Poach' agreement, has been dismissed mid-trial by a federal court.
The Sherman Antitrust Act of 1890 was the first federal act that outlawed monopolistic business practices. It was named for Senator John Sherman of the US state of Ohio.
"Cyient has always conducted business with strict adherence to our Values FIRST framework. The acquittal of our executive further proves the highest standards of ethics our business adheres to," said Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient Limited.
According to the company, the case, initiated in December 2021, alleged illegal suppression of competition and wages by restricting hiring and recruiting of engineers in violation of the Sherman act by six aerospace executives.
Meanwhile, the associated civil class-action lawsuit naming Cyient Inc as a co-defendant continues.
"Cyient strongly denies all allegations and is taking all necessary steps for its defense. It believes that this matter will have no materially adverse effect on the Company's operations, finances, or liquidity," the company said in a statement.
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