Porch Group (PRCH) Prevails in Kandela Lawsuit

Porch Group, Inc. (NASDAQ: PRCH) announced it had prevailed on all counts in the matter of Kandela, LLC v. Porch.com, Inc. et al. The presiding arbitrator has also determined that Porch, as the prevailing party, is entitled to reimbursement of its legal costs and expenses. The arbitral tribunal’s decision is anticipated to be final and unappealable.

In the dispute filed several years ago, owners and managing members of Kandela, LLC at such time filed a complaint against Porch.com, Inc. (“Porch”) in the Superior Court of the State of California, alleging breach of contract and other claims related to Porch’s acquisition of the Kandela business, which included an earnout provision. The case was transferred to JAMS arbitration pursuant to the terms of the acquisition agreement.

“We are pleased with the arbitrator’s decision and are happy to have this matter and any related uncertainty behind us,” said Matt Ehrlichman, Founder, Chairman and CEO of Porch Group.

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