Management also mentioned that the guidance excludes the positive outcome expectation of the ongoing arbitration with Panasonic.

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Investing on the expectation of a particular legal outcome is a risky proposition.

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"We have now thoroughly examined the case that we have and we are convinced of the merits of our case, and the expectation that we will have a success to get the outcome we want - which is a regrade for students, " he said.

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