ION Geophysical (IO) Slammed Following Adverse Ruling in WesternGeco Patent Case
Tweet Send to a FriendGet Alerts IO Hot Sheet
Up)
Trade IO Now!
ION Geophysical Corporation (NYSE: IO) is getting hit Friday following disclosure of an adverse ruling in its patent case with WesternGeco. Shares are down about 14 percent today.
According to the release:
"[ION Geophysical] announced the jury returned a verdict against ION in a patent infringement lawsuit filed against ION by WesternGeco L.L.C. in the United States District Court for the Southern District of Texas.
As previously disclosed by the company, WesternGeco filed the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, in June 2009, alleging that ION's DigiFIN™ lateral streamer control system infringed several method and apparatus claims contained in four WesternGeco U.S. patents regarding control systems for marine seismic streamer steering devices.
The jury found that ION willfully infringed the claims contained in WesternGeco's patents and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits.
A judgment has not yet been entered in the case. ION will be taking immediate steps to pursue all available legal options to overturn the verdict, including post-verdict motions and appeals.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
According to the release:
"[ION Geophysical] announced the jury returned a verdict against ION in a patent infringement lawsuit filed against ION by WesternGeco L.L.C. in the United States District Court for the Southern District of Texas.
As previously disclosed by the company, WesternGeco filed the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, in June 2009, alleging that ION's DigiFIN™ lateral streamer control system infringed several method and apparatus claims contained in four WesternGeco U.S. patents regarding control systems for marine seismic streamer steering devices.
The jury found that ION willfully infringed the claims contained in WesternGeco's patents and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits.
A judgment has not yet been entered in the case. ION will be taking immediate steps to pursue all available legal options to overturn the verdict, including post-verdict motions and appeals.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- OSI Systems (OSIS) Unit Issued Notice of Proposed Debarment from U.S. DHS
- Tesoro Logistics (TLLP) to Pay Less for Northwest Products System
- Primoris Services (PRIM) Announces New $80M Contact
Create E-mail Alert Related Categories
Corporate News, Litigation, Momentum Movers
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
