PowerPlan Agrees to Litigation Settlement with Lucasys
PowerPlan has announced the settlement of ongoing litigation with Lucasys that was pending in the United States District Court for the Northern District of Georgia.
Sentiment and the balance of points
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Rhea-AI Summary
PowerPlan has announced the settlement of ongoing litigation with Lucasys that was pending in the United States District Court for the Northern District of Georgia. The settlement includes an after-tax payment of $17.7 million and releases all claims between parties, with no admission of liability or wrongdoing.
While PowerPlan strongly disputes the claims brought by Lucasys in 2020, the company views this settlement as an opportunity to eliminate litigation distractions. The resolution allows PowerPlan to focus on advancing its next-generation SaaS technology solutions, including its Tax Fixed Assets (TFA) cloud tax software and the upcoming Tax Provision SaaS solution, scheduled for launch in late 2025.
Positive
- Resolution of legal uncertainty through settlement
- Ability to refocus resources on core business development
- Planned launch of new Tax Provision SaaS solution in late 2025
Negative
- $17.7 million after-tax settlement payment impact on finances
Details
News Market Reaction – ROP
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ATLANTA, Jan. 02, 2025 (GLOBE NEWSWIRE) -- ATLANTA, January 2, 2025 – PowerPlan, Inc., a leading provider of financial software and solutions for the energy industry, announced that it has settled the outstanding litigation between PowerPlan and Lucasys, Inc. that was pending in the United States District Court for the Northern District of Georgia.
Though PowerPlan vigorously contests the baseless claims brought by Lucasys in 2020, it is pleased to eliminate the distraction and uncertainty of litigation. This development enables PowerPlan to fully focus on the continued success of its next generation SaaS technology solutions, including Tax Fixed Assets (TFA) - the market leading cloud tax software for asset intensive industries - and prepare for the launch of its monthly Tax Provision SaaS solution (expected late 2025), while continually innovating and advancing cloud-enabled systems.
The settlement releases all claims between the parties for an after-tax settlement payment of
PowerPlan looks forward to continuing to compete and win in the market based on the strength of its 30+ year history of innovative software and solutions.
About PowerPlan
For more than 30 years, PowerPlan has helped utility and energy companies make the right financial decisions to improve lives and power the world. Through our industry-leading expertise, innovative technology, and vast experience listening to and working in tandem with our clients, PowerPlan software sets the standard that CFOs can count on for financial clarity. For more information, visit www.powerplan.com.
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