SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 1, 2021
(Exact Name of Registrant as Specified in its Charter)
|Delaware|| ||001-08604|| ||74-1765729|
|(State or Other Jurisdiction|
| ||(IRS Employer|
13131 Dairy Ashford, Suite 600
Sugar Land, Texas 77478
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (281) 331-6154
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CF 240.14d-2(b))
|Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange on which registered|
|Common Stock, $0.30 par value||TISI||New York Stock Exchange|
Indicate by check mark whether registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
Team Industrial Services, Inc. (the “Company”) is a defendant in a lawsuit styled Kelli Most v. Team Industrial Services, Inc. filed on November 13, 2018 in Fort Bend County, Texas. The complaint asserted claims against the Company for negligence resulting in the wrongful death of the plaintiff. The jury rendered a verdict against the Company for $222 million in compensatory damages on June 1, 2021.
The Company strongly disagrees with the jury’s verdict, believes the verdict is not supported by the facts of the case or applicable law and was the result of significant trial error. The Company plans to pursue its post-trial remedies to have the verdict set aside and, if necessary, to vigorously pursue review of the liability findings and damages award to overturn the jury verdict on appeal. The Company does not expect the final outcome of this matter to have a materially adverse effect on its consolidated financial statements.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of federal securities laws. Words such as “expect” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to the Company’s expectations regarding the ultimate outcome of the referenced lawsuit. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 12, 2021. And its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
|Exhibit number|| ||Description|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|By:||/s/ Susan M. Ball|
|Susan M. Ball|
|Executive Vice President, Chief Financial Officer and Treasurer|
Dated: June 21, 2021