Ecoark Holdings (ZEST) are said to be involved with a lawsuit with Walmart in which the trial date is set for June 1st, 2020. ZEST is claiming Walmart stole their food preserving technologies during a show and tell phase between the two companies in 2017. Walmart disengaged from ZEST and then claimed in 2018 that they would be able to save “billions of dollars in food waste” in coming years. The case is as follows:
- Lawyers for ZEST have been in a discovery period with Walmart in which they have access to Walmart documentation and records regarding the engagement and thereafter
- Walmart currently on the hook for $2 billion in damages but it could be upwards of 5-6 billion if all years are accounted for leading up to the trial date (2018-2020)
If successful in this lawsuit shares of ZEST will likely skyrocket. ZEST has seen a 126% increase in share price in 2 days as well as an approximate %150 increase between the recent monthly high and low. Do you see upside or downside with this volatile stock?