Update on EPIC matter
MUMBAI, October 1, 2017: Tata Consultancy Services (TCS), (BSE:532540, NSE: TCS), a leading global IT Services, Consulting and Business solutions organization, today announced that an Opinion and Order has been issued by the Western District Court of Wisconsin, USA in the suit filed by Epic Systems Corporation against the Company. Partially granting TCS motion, the Court significantly reduced the compensatory and punitive damages of $940 million awarded by the Jury verdict in April 2016, to $420 million.
The Company has received legal advice to the effect that the order and the reduced damages awarded are not supported by evidence presented during the Trial and a strong appeal can be made to superior court to fully set aside the Jury verdict. The Company did not misuse or derive any benefit from Epic’s documents and plans to defend its position vigorously before the Trial Judge as well as in appeal.
The order will not have any impact on the company’s financial results for Q2 FY 18, expected to be released on October 12, 2017.
As an organization TCS remains committed to respecting and protecting proprietary information as well as its reputation.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 385,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of U.S. $17.6 billion for year ended March 31, 2017 and is listed on the BSE Limited and National Stock Exchange of India Limited. For more information, visit us at www.tcs.com.
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