Matthews (MATW) Refutes Tesla Allegations

Matthews International Corporation (Nasdaq GSM: MATW). On Friday evening, June 14, 2024, Tesla filed a complaint in Federal District Court in the Northern District of California. The claims stated in this threadbare complaint are utterly without merit and we intend to vigorously defend the matter. Notably, the complaint vaguely references trade secrets, but fails to identify even one trade secret that Tesla purportedly disclosed to Matthews. We are continuing to evaluate this complaint and may pursue legal remedies.

Contrary to the allegations in the complaint, Tesla’s lawsuit is simply a new tactic in their ongoing efforts to bully Matthews and improperly take Matthews’ valuable intellectual property. Furthermore, Tesla’s complaint attempts to restrict us from offering our innovative solutions to others, preventing the market from significantly benefiting from the savings associated with our dry battery electrode (“DBE”) solutions, and thus interfering with Matthews’ ability to realize the value of our intellectual property.

Over 25 years ago, before Tesla even existed as a company, our engineers began the development of breakthrough technology that forms the basis of our DBE solutions which streamlines production of lithium-ion batteries and significantly reduces production costs of electric vehicles. Five years ago, Tesla came to Matthews seeking engineering solutions and access to our valuable intellectual property, trade secrets and our global engineering talent. As the complaint acknowledges, Matthews continues to work with Tesla as a trusted supplier.

For the reasons outlined herein, we do not currently believe the matters will have a material impact on the Company.

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