Littleton- based ADA-ES Inc. said an arbitration panel held it liable for about $37.9 million in damages and the payment of royalties on some activated-carbon sales in a dispute with Norit NV’s Americas operation.
ADA’s shares plunged $10.30, or 46.7 percent, Monday to close at $11.75.
The panel found ADA breached a nonsolicitation provision of a market-development agreement with Norit and misappropriated certain trade secrets, ADA said Monday. The panel also dismissed Norit’s request for injunctive relief, assignment of an ADA patent, multiple trade-secret claims and federal claims Norit had asserted, ADA said.
“We are shocked and deeply disappointed by this ruling and are working with counsel to determine our options,” said Michael Dur ham, ADA’s president and chief executive.
