Palantir Applied sciences Inc. (NASDAQ:PLTR) has filed a lawsuit in opposition to two former workers, alleging they carried out a scheme of deceit and theft to help the creation of a rival AI agency.
Former Staff Launch ‘Copycat’ Agency
The lawsuit was filed on Thursday within the Southern District of New York. The defendants, Radha Jain and Joanna Cohen, are alleged to have violated their non-competition agreements by engaged on a “copycat” enterprise, Percepta, owned by venture-capital agency Common Catalyst.
Palantir additionally alleges that Cohen stole a group of extremely confidential paperwork earlier than his departure. The corporate additionally claims that the 2 former workers had entry to its “crown jewels”—reminiscent of its supply code, inner workspace, and buyer workflows—which had been all safeguarded below non-compete and confidentiality agreements.
“Jain and Cohen weaponized their insider data to hurt Palantir by passing off Palantir’s efforts as their very own,” the corporate acknowledged in its grievance.
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Tech Giants Locked In Commerce Secret Wars
This lawsuit is the most recent in a sequence of authorized battles over alleged commerce secret theft within the tech business. In August, Elon Musk’s xAI filed a lawsuit in opposition to a former worker for allegedly stealing commerce secrets and techniques and taking them to rival agency OpenAI.
In July 2023, Twitter (Now X) accused Meta Platforms (NASDAQ:META) of stealing commerce secrets and techniques for its rival social media app Threads; nevertheless, it didn’t file a lawsuit on the identical.
In the meantime, Palantir has emerged as a number one AI participant with prestigious federal contracts. Legendary investor and AI advocate, Cathie Wooden, just lately touted the corporate as a “secret weapon” amid considerations of a possible AI bubble.
Palantir holds a momentum score of 97.74% and a development score of 95.99%, in keeping with Benzinga’s Proprietary Edge Rankings. The Benzinga Progress metric evaluates a inventory’s historic earnings and income growth throughout a number of timeframes, prioritizing each long-term traits and up to date efficiency. Test the detailed report right here.
Worth Motion: On a year-to-date foundation, Palantir inventory has surged 158.74% to shut at $194.55 on Thursday, as per information from Benzinga Professional.
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Disclaimer: This content material was partially produced with the assistance of AI instruments and was reviewed and printed by Benzinga editors.
