01:56 PM EDT, 09/30/2024 (MT Newswires) -- RPM International ( RPM ) said Monday that a jury rendered a $190 million verdict against a subsidiary in its consumer reportable segment in a lawsuit filed in federal court in Oregon.

A former supplier accused the subsidiary of violating certain contractual obligations, misappropriating trade secrets and committing fraud, RPM said in a filing with the US Securities and Exchange Commission.

The company said its unit continues to deny the allegations, adding that it intends to "vigorously" challenge the verdict.

RPM said it currently estimates a range of possible outcomes of about $500,000 to $190 million, and has accrued a liability as of Aug. 31 at the low end of the range.

"The ultimate loss to the company with respect to the litigation matter could be materially different from the amount the company has accrued," according to the filing.

RPM shares were down 1.5% in recent Monday trading.

Price: 121.12, Change: -1.81, Percent Change: -1.47