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Novacyt: litigation settlement weighs on share price

( - Novacyt fell sharply on the Paris Bourse on Tuesday, after announcing that it would have to pay five million pounds (around 5.
9 million euros) to settle a dispute with the UK Department of Health and Social Care (DHSC).

The Franco-British diagnostics group says it has reached a commercial settlement that puts an end to all complaints and claims brought by the government in proceedings before the High Court of Justice.

In 2022, the DHSC had lodged a claim against Novacyt in a contractual dispute concerning a supply contract for rapid tests against Covid.

The trial which was due to start this week will therefore not take place.

In a press release, Novacyt stresses that neither party has admitted any liability or wrongdoing in the case.

Following these announcements, the share price was down by more than 16% at around 11:40 am.

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