HP (HPQ) Announces Win in Court Ruling in Itanium Litigation (INTC, ORCL)
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Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 3.6%
Revenue Growth %: -2.4%
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HP (NYSE: HPQ) issued the following statement in response to today's proposed ruling in the ongoing litigation with Oracle (Nasdaq: ORCL) relating to the Intel Itanium (Nasdaq: INTC) platform:
"Today's proposed ruling is a tremendous win for HP and its customers. The Superior Court of the State of California, Santa Clara County, has confirmed the existence of a contract between HP and Oracle that requires Oracle to port its software products to HP's Itanium-based servers. We expect Oracle to comply with its contractual obligation as ordered by the Court."
The Court ordered and declared as follows:(1)
1. In this action for declaratory relief, the Court finds in favor of HP and against Oracle on both the breach of contract and promissory estoppel causes of action brought by HP.
2. The Settlement and Release Agreement entered into by HP, Oracle and Hurd on September 20, 2010, requires Oracle to continue to offer its product suite on HP's Itanium-based server platforms and does not confer on Oracle the discretion to decide whether to do so or not.
3. The terms "product suite" means Oracle software products that were offered on HP's Itanium-based servers at the time Oracle signed the September 20, 2010 Settlement and Release Agreement, including any new releases, versions or updates of those products.
4. Oracle's obligation to continue to offer its products on HP's Itanium-based server platforms lasts until such time as HP discontinues the sales of its Itanium-based servers.
5. Oracle is required to port its products to HP's Itanium-based servers without charge to HP.
"Today's proposed ruling is a tremendous win for HP and its customers. The Superior Court of the State of California, Santa Clara County, has confirmed the existence of a contract between HP and Oracle that requires Oracle to port its software products to HP's Itanium-based servers. We expect Oracle to comply with its contractual obligation as ordered by the Court."
The Court ordered and declared as follows:(1)
1. In this action for declaratory relief, the Court finds in favor of HP and against Oracle on both the breach of contract and promissory estoppel causes of action brought by HP.
2. The Settlement and Release Agreement entered into by HP, Oracle and Hurd on September 20, 2010, requires Oracle to continue to offer its product suite on HP's Itanium-based server platforms and does not confer on Oracle the discretion to decide whether to do so or not.
3. The terms "product suite" means Oracle software products that were offered on HP's Itanium-based servers at the time Oracle signed the September 20, 2010 Settlement and Release Agreement, including any new releases, versions or updates of those products.
4. Oracle's obligation to continue to offer its products on HP's Itanium-based server platforms lasts until such time as HP discontinues the sales of its Itanium-based servers.
5. Oracle is required to port its products to HP's Itanium-based servers without charge to HP.
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