Siemens Energy Sinks as GE Accuses Rival of Trade-Secret Theft
- U.S. company says German foe unfairly won at least nine deals
- Clash expands legal battle between industrial heavyweights
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Siemens Energy AG shares fell Friday after General Electric Co. accused its rival of stealing trade secrets for gas turbines and using them to win at least nine gas turbine contracts worth billions of dollars.
An account manager at Siemens Energy Inc., the German company’s U.S. unit, received secret information during a confidential bidding process and shared it with dozens of colleagues, some of whom used it to alter a bid for a lucrative contract in Virginia, GE claimed in a filed Thursday in federal court in the state.