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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
A worker is pictured behind a logo at the IBM stand on the CeBIT computer fair in Hanover

(Reuters) - 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
Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL BUSINESS MACHINES CORPORATION 0.66% 145.86 Delayed Quote.-4.93%
SAP 3.29% 90.01 Delayed Quote.-6.74%
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Sales 2018 24 360 M
EBIT 2018 6 788 M
Net income 2018 4 384 M
Debt 2018 5,41 M
Yield 2018 1,64%
P/E ratio 2018 23,79
P/E ratio 2019 21,15
EV / Sales 2018 4,36x
EV / Sales 2019 3,96x
Capitalization 106 B
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Number of Analysts 35
Average target price 100 €
Spread / Average Target 15%
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Managers
NameTitle
William R. McDermott Chief Executive Officer
Hasso Plattner Chairman-Supervisory Board
Christian Klein Head-Global Business Operations
Luka Mucic Chief Financial Officer
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