Benzinga | Oct 8, 2020 04:23PM EDT

Dril-Quip Announces FMC Technologies Sued Co. Alleging Misappropriation Of Trade Secrets In The 127th District Court Of Harris County; Co Denies Allegations And Intends To Defend Against FMC Lawsuit

On October 5, 2020, FMC Technologies, Inc. ("FMC") sued Dril-Quip, Inc. (the "Company") alleging misappropriation of trade secrets and seeking money damages and injunctive relief in the 127th District Court of Harris County in an action styled FMC Technologies, Inc. v. Richard Murphy and Dril-Quip, Inc., Cause No. 2020-63081. FMC alleges that its former employee communicated FMC trade secrets to the Company prior to being hired by the Company and that the Company used those trade secrets in its VXTe subsea tree systems. The Company denies these allegations and intends to vigorously defend against this lawsuit.

The information in this Current Report on Form 8-K is being furnished, not filed, pursuant to Item 7.01. Accordingly, the information in this Current Report on Form 8-K will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.