California business owners facing intellectual property issues may want to follow a developing case. A company that made its fortune in the research and development of autonomous driving technology is heading to court for a lawsuit it has filed against another company. The plaintiffs’ company was founded in 2016. As of March 2022, the company’s business valuation exceeds $8 billion.
The other company involved in this case is accused of stealing trade secrets from the plaintiffs. It is a new company that was launched in 2021 by a man who used to be CTO at a truck company owned by the plaintiffs. The plaintiffs have requested more than $8 million in damages.
Defendants adamantly deny trade secrets accusations
The defendants have denied stealing trade secrets from the plaintiffs. A spokesperson for the company has stated that they have always adhered to every law that is relevant to trade secret issues in their business practices. A member of the same industry said that it is easy to see why the company is suspected of stealing trade secrets. They were able to apply for road test licensing within six months, a step that typically takes a year or longer.
A complex area of law
Trade secrets are devices or techniques that are used in the development of a company’s products, which may give the company an edge over its competitors. If someone steals such secrets to use for their own company’s financial advantage, he or she can be held accountable for the actions in a court of law. It is helpful for a business owner in California to consult with an experienced business law attorney before heading to court. Strong legal support is the best means of protecting one’s rights and financial interests in matters like these.