When a company in Florida and elsewhere receive information about the possible theft of sensitive company secrets, it may wish to begin taking steps to protect its interests. While a company may wish to take time to investigate the matter thoroughly, timing may also be of the essence, as a lengthy delay in action could prove detrimental. A court recently ruled that an asphalt company in another state was time-barred from filing a theft of trade secrets claim against another party.
The incident reportedly stems from asphalt plant and equipment technology owned by CMI Roadbuilding, Inc. At some point, the company chose to stop making replacement parts for its equipment on its own, and instead decided to purchase these parts from other vendors. The company asserts that it provided these vendors with product blueprints and specifications.
CMI reportedly asserts that Iowa Parts Inc. began manufacturing and selling these parts. The company also asserts that several employees at Iowa Parts had knowledge of sensitive company information due to previous employment. In 2016, CMI reportedly filed a lawsuit accusing Iowa Parts of theft of trade secrets. However, during recent legal proceedings, the court ruled that the company was time-barred from pursuing such a claim, since it became aware of the possible theft of company information as early as 2002.
When a theft of trade secrets occurs, the fallout of the incident can have a disastrous impact on the future of a company. Business owners who feel that such a theft has taken place could benefit from speaking with an attorney as soon as possible for guidance on how best to approach the situation. An attorney can examine the circumstances a client in Florida is facing and assist in protecting his or her legal rights through the proper outlets.