Marvell cancels POET orders over confidentiality breach, stock drops 46%
Marvell Technology has canceled purchase orders from POET Technologies after accusing the company of publicly disclosing details of orders tied to Celestial AI in violation of confidentiality obligations. The cancellation led to a 46% drop in POET's stock price. The dispute centers on POET's alleged disclosure of confidential information regarding purchase orders related to Celestial AI, a client of both firms. Marvell's action underscores the importance of confidentiality in supply chain relationships within the semiconductor industry.
Key facts
- Marvell canceled purchase orders from POET Technologies.
- The cancellation was due to a confidentiality breach involving details of orders tied to Celestial AI.
- POET's stock fell 46% following the announcement.
- The breach involved public disclosure of purchase order details.
- Celestial AI is a client of both Marvell and POET.
- The cancellation highlights strict confidentiality obligations in the semiconductor industry.
Entities
Institutions
- Marvell Technology
- POET Technologies
- Celestial AI
Sources
- Quartz —