Goodwin’s Northern California litigation team secured a victory for shareholders of Nangate in litigation with Silvaco (Silvaco, Inc. v. Ole Christian Andersen et al) over a failed M&A deal and post-acquisition earn out dispute. The jury awarded Nangate $11.3 million in damages under the breach of contract claims. This amount does not include potential statutory prejudgment interest in an estimated amount of up to $4.2 million. The jury also found that Silvaco, its Controlling Shareholder and its former Executive Chairman all engaged in fraud in connection with the acquisition, and that the fraud was committed with malice, fraud or oppression. As a result of this finding, Nangate is entitled to punitive damages against all three defendants. A short evidentiary hearing with the jury to determine the amount of the punitive damages will be held on August 16, 2024.
Nangate Denmark ApS (“Nangate”) was a privately held United States, Silicon Valley–based company dealing in Electronic Design Automation (EDA) for electrical engineering and electronics until its acquisition by Silvaco, Inc. in 2018.
The Goodwin team was led by Brett Schuman and Jennifer Fisher, and included Jesse Cheng, Megan Bettles, Faraz Behnamjou, Michaela Ogden, and paralegal Benjamin Gee.