Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Files An 8-K Entry into a Material Definitive Agreement

0

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

As previously disclosed, on November 15, 2015, Bouchet Co., a
consulting firm, filed a lawsuit against the Company captioned
Bouchet Co. v. Commercial Vehicle Group, Inc., Case Number
1:15-CV-10333 in the United States District Court for the
Northern District of Illinois, alleging two causes of actions.
First, the plaintiff asserted a breach of contract claim,
alleging that the Company breached an agreement signed on October
2, 2014 (the Agreement) and refused to pay plaintiffs fees as set
forth in the Agreement. In the breach of contract claim, the
plaintiff sought compensatory damages in the amount of $2.5
million. Second, the plaintiff asserted a promissory fraud cause
of action. Under this claim, the plaintiff alleged that the
Company committed fraud by promising to pay a fee to the
plaintiff that the Company had no intention of paying. In the
promissory fraud claim, the plaintiff sought punitive damages,
post judgment interest, and any other costs awarded by the Court.
On October 24, 2016, the Court granted plaintiffs motion for
partial summary judgment on the breach of contract claim.
Specifically, the Court held that the Company was liable for
breach of contract, but reserved the issue of damages for the
jury. The Court also denied the plaintiffs motion for partial
summary judgment on the promissory fraud claim, holding that
liability on that claim would be a matter for the jury at trial.
On May 4, 2017, the parties reached a settlement agreement
whereby the Company paid $3.3 million to the plaintiff in return
for a dismissal of the lawsuit with prejudice and a complete
release of any and all claims arising from the relationship
giving rise to the claims.
Item 2.02. Results of Operations and Financial Condition.
On May 4, 2017, Commercial Vehicle Group, Inc. (the Company)
issued the press release attached hereto as Exhibit 99.1
announcing earnings for the first>quarter ended March 31,
2017.
The information, including exhibit 99.1 hereto, the registrant
furnished in this report is not deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section.
Registration statements or other documents filed with the
Securities and Exchange Commission shall not incorporate this
information by reference, except as otherwise expressly stated in
such filing.
Item 8.01. Other Events.
The information set forth above in Item 1.01 is hereby
incorporated by reference into this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
First quarter ended March 31, 2017 earnings press
release dated May 4, 2017.


About Commercial Vehicle Group, Inc. (NASDAQ:CVGI)

Commercial Vehicle Group, Inc. is a supplier of a range of cab-related products and systems. The Company operates through two segments: the Global Truck and Bus Segment (GTB Segment) and the Global Construction and Agriculture Segment (GCA Segment). The GTB Segment manufactures and sells products, which include Seats, Trim, sleeper boxes, cab structures, structural components and body panels, and mirrors and wiper systems. The GCA Segment manufactures and sells the products, which include Electronic wire harness assemblies and Seats, Wiper systems, Office seating, and Aftermarket seats and components. It supplies products for the commercial vehicle market, including the medium-and heavy-duty truck market, the medium-and heavy-construction vehicle market, and the military, bus, agriculture, mining, industrial equipment and off-road recreational markets. It has manufacturing operations in the United States, Mexico, the United Kingdom, Czech Republic, Ukraine, China, India and Australia.

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) Recent Trading Information

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) closed its last trading session down -0.10 at 8.45 with 362,016 shares trading hands.