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4-Traders Homepage  >  Equities  >  Xetra  >  SAP    SAP   DE0007164600

SAP (SAP)

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IBM surprised by Avantor lawsuit, calls claims exaggerated

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11/10/2012 | 09:36pm CEST

IBM, which is being sued by chemicals manufacturer Avantor Performance Materials for fraud and breach of contract in connection with a software project, said the accusations were blown out of proportion and that it was surprised by the move.

"We believe the allegations in the complaint are exaggerated and misguided and are surprised that Avantor chose to file suit," the company said late on Friday in an emailed statement.

IBM said it had "met its contractual obligations and delivered a solution that Avantor continued to use in its operations."

Avantor, which produces chemicals and raw materials for pharmaceutical products, laboratory chemicals and chemicals used in the electronics industry, filed a lawsuit on Thursday in the U.S. District Court for the District of New Jersey.

It said it was seeking tens of million in damages from IBM, which according to the lawsuit, had misrepresented the capabilities of a software program that runs on a platform by SAP, resulting "in a near standstill" of Avantor's business.

(Reporting By Nicola Leske; Editing by Vicki Allen)

Stocks treated in this article : International Business Machines Corp., SAP AG
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Financials (€)
Sales 2017 23 865 M
EBIT 2017 6 575 M
Net income 2017 4 135 M
Debt 2017 1 687 M
Yield 2017 1,39%
P/E ratio 2017 27,51
P/E ratio 2018 24,10
EV / Sales 2017 5,01x
EV / Sales 2018 4,58x
Capitalization 117 850 M
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Number of Analysts 39
Average target price 97,6 €
Spread / Average Target 1,8%
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William R. McDermott Chief Executive Officer
Hasso Plattner Chairman-Supervisory Board
Christian Klein Chief Operating Officer
Luka Mucic Chief Financial Officer
Thomas Saueressig Chief Information Officer
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