Charles & Colvard Shares Climb 35% After Award Limits Liability to Wolfspeed

Dow Jones

12 Dec 2024

By Katherine Hamilton

Shares of Charles & Colvard rallied in post-market trading after the company said Wednesday it received an interim award limiting what it owes Wolfspeed in damages during an arbitration battle.

The jewelry company's stock rose 35% to $2.15 in late trading. Through the close of market trading shares have fallen 62% this year.

Arbitrators reduced Charles & Colvard's liability to about $3.3 million. Wolfspeed was originally seeking $28 million in damages.

The dispute stems from a contract in 2023, which Wolfspeed says Charles & Colvard breached. Wolfspeed, a long-time crystal supplier to Charles & Colvard, alleges the jewelry company failed to satisfy several purchase obligations. That includes $3.3 million of silicon carbide crystals that Wolfspeed delivered, according to a Charles & Colvard filing in May to the Securities and Exchange Commission.

The $3.3 million liability includes $1.3 million for inventory previously purchased and $2 million of consigned inventory in already in its possession, Charles & Colvard said. It will be recorded on the company's balance sheet as of June 30, 2024.

Charles & Colvard is also required to pay an interest rate of 8% per year on the foregoing compensatory damages starting on April 24, 2023 and until the damages are fully paid.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(MORE TO FOLLOW) Dow Jones Newswires

December 11, 2024 17:54 ET (22:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2490114388"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2490114388\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2490114388?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-12-12 06:54","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2490114388","market":"sh","top_or_hot":-1,"title":"Charles & Colvard Shares Climb 35% After Award Limits Liability to Wolfspeed","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  Shares of Charles &amp; Colvard rallied in post-market trading after the company said Wednesday it received an interim award limiting what it owes Wolfspeed in damages during an arbitration battle. \n</p>\n<p>\n  The jewelry company's stock rose 35% to $2.15 in late trading. Through the close of market trading shares have fallen 62% this year. \n</p>\n<p>\n  Arbitrators reduced Charles &amp; Colvard's liability to about $3.3 million. Wolfspeed was originally seeking $28 million in damages. \n</p>\n<p>\n  The dispute stems from a contract in 2023, which Wolfspeed says Charles &amp; Colvard breached. Wolfspeed, a long-time crystal supplier to Charles &amp; Colvard, alleges the jewelry company failed to satisfy several purchase obligations. That includes $3.3 million of silicon carbide crystals that Wolfspeed delivered, according to a Charles &amp; Colvard filing in May to the Securities and Exchange Commission. \n</p>\n<p>\n  The $3.3 million liability includes $1.3 million for inventory previously purchased and $2 million of consigned inventory in already in its possession, Charles &amp; Colvard said. It will be recorded on the company's balance sheet as of June 30, 2024. \n</p>\n<p>\n  Charles &amp; Colvard is also required to pay an interest rate of 8% per year on the foregoing compensatory damages starting on April 24, 2023 and until the damages are fully paid. \n</p>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  December 11, 2024 17:54 ET (22:54 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charles & Colvard Shares Climb 35% After Award Limits Liability to Wolfspeed</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharles & Colvard Shares Climb 35% After Award Limits Liability to Wolfspeed\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-12-12 06:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Katherine Hamilton \n</p>\n<p>\n  Shares of Charles &amp; Colvard rallied in post-market trading after the company said Wednesday it received an interim award limiting what it owes Wolfspeed in damages during an arbitration battle. \n</p>\n<p>\n  The jewelry company's stock rose 35% to $2.15 in late trading. Through the close of market trading shares have fallen 62% this year. \n</p>\n<p>\n  Arbitrators reduced Charles &amp; Colvard's liability to about $3.3 million. Wolfspeed was originally seeking $28 million in damages. \n</p>\n<p>\n  The dispute stems from a contract in 2023, which Wolfspeed says Charles &amp; Colvard breached. Wolfspeed, a long-time crystal supplier to Charles &amp; Colvard, alleges the jewelry company failed to satisfy several purchase obligations. That includes $3.3 million of silicon carbide crystals that Wolfspeed delivered, according to a Charles &amp; Colvard filing in May to the Securities and Exchange Commission. \n</p>\n<p>\n  The $3.3 million liability includes $1.3 million for inventory previously purchased and $2 million of consigned inventory in already in its possession, Charles &amp; Colvard said. It will be recorded on the company's balance sheet as of June 30, 2024. \n</p>\n<p>\n  Charles &amp; Colvard is also required to pay an interest rate of 8% per year on the foregoing compensatory damages starting on April 24, 2023 and until the damages are fully paid. \n</p>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  December 11, 2024 17:54 ET (22:54 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CTHR","symbol_name":"诗思（香港）","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2490114388","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490114388","pubTimestamp":1733957640,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Charles & Colvard rallied in post-market trading after the company said Wednesday it received an interim award limiting what it owes Wolfspeed in damages during an arbitration battle.The jewelry company's stock rose 35% to $2.15 in late trading. Through the close of market trading shares have fallen 62% this year.Arbitrators reduced Charles & Colvard's liability to about $3.3 million. Wolfspeed was originally seeking $28 million in damages.The dispute stems from a contract in 2023, which Wolfspeed says Charles & Colvard breached. Wolfspeed, a long-time crystal supplier to Charles & Colvard, alleges the jewelry company failed to satisfy several purchase obligations. That includes $3.3 million of silicon carbide crystals that Wolfspeed delivered, according to a Charles & Colvard filing in May to the Securities and Exchange Commission.The $3.3 million liability includes $1.3 million for inventory previously purchased and $2 million of consigned inventory in already in its posses","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CTHR":"诗思（香港）","BK4202":"服装、服饰与奢侈品"},"translate_title":"裁决限制Wolfspeed的责任后，Charles&Colvard股价上涨35%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CTHR":1},"content_text":"By Katherine Hamilton \n\n\n  Shares of Charles & Colvard rallied in post-market trading after the company said Wednesday it received an interim award limiting what it owes Wolfspeed in damages during an arbitration battle. \n\n\n  The jewelry company's stock rose 35% to $2.15 in late trading. Through the close of market trading shares have fallen 62% this year. \n\n\n  Arbitrators reduced Charles & Colvard's liability to about $3.3 million. Wolfspeed was originally seeking $28 million in damages. \n\n\n  The dispute stems from a contract in 2023, which Wolfspeed says Charles & Colvard breached. Wolfspeed, a long-time crystal supplier to Charles & Colvard, alleges the jewelry company failed to satisfy several purchase obligations. That includes $3.3 million of silicon carbide crystals that Wolfspeed delivered, according to a Charles & Colvard filing in May to the Securities and Exchange Commission. \n\n\n  The $3.3 million liability includes $1.3 million for inventory previously purchased and $2 million of consigned inventory in already in its possession, Charles & Colvard said. It will be recorded on the company's balance sheet as of June 30, 2024. \n\n\n  Charles & Colvard is also required to pay an interest rate of 8% per year on the foregoing compensatory damages starting on April 24, 2023 and until the damages are fully paid. \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  December 11, 2024 17:54 ET (22:54 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}