Cisco Penalized $1.9B In Cybersecurity Infringement Trial, Plans Appeal, , on October 6, 2020 at 5:35 am

By
On October 6, 2020
Tags:

Cisco Systems, Inc. (NASDAQ: CSCO) was ordered to pay $1.9 billion to Virginia-based Centripetal Networks Inc by a U.S. judge in the cybersecurity patent infringement trial on Monday, reports Bloomberg.Details Of Trial: U.S. District Judge Henry Morgan that Cisco infringed four out of the five patents belonging to Centripetal Networks. Morgan stated it was “not a close call” due to inconsistencies in Cisco’s evidence, reports Reuters.”Cisco did not advance any objectively reasonable defenses at trial. The infringing functionality was added to their accused products post June 20, 2017, and resulted in a dramatic increase in sales which Cisco touted in both technical and marketing documents,” wrote Morgan.The district judge added that “The fact that Cisco released products with Centripetal’s functionality within a year of these meetings goes beyond mere coincidence,” said Morgan.The penalty of $1.9 billion reflects $755.8 million in actual damages suffered by Centripetal, multiplied by 2.5 to reflect Cisco’s “willful and egregious” conduct, plus prejudgment interest.Companies’ Response: “It’s been a long time coming and was very hard fought,” said Jonathan Rogers, Centripetal’s chief operating officer.”We are disappointed with the trial court’s decision given the substantial evidence of non-infringement, invalidity and that Cisco’s innovations predate the patents by many years,” Cisco said, as per Reuters.Cisco said it will appeal against the judgment the U.S. Court of Appeals for the Federal Circuit.> Cisco’s performance: The company posted annual profit of $11.2 billion in the latest fiscal year and reported a cash balance of $29.4 billion in August.> > Its shares are down 20.2% year-to-date despite the broader tech index up more than 20%.> > The stock closed about 0.8% higher at $38.57 per share on Monday.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Asian Markets Trade In Positive Territory After Dow’s Recovery Rally * European Stocks Rise On Stimulus Hopes(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.,

Cisco Penalized $1.9B In Cybersecurity Infringement Trial, Plans AppealCisco Systems, Inc. (NASDAQ: CSCO) was ordered to pay $1.9 billion to Virginia-based Centripetal Networks Inc by a U.S. judge in the cybersecurity patent infringement trial on Monday, reports Bloomberg.Details Of Trial: U.S. District Judge Henry Morgan that Cisco infringed four out of the five patents belonging to Centripetal Networks. Morgan stated it was “not a close call” due to inconsistencies in Cisco’s evidence, reports Reuters.”Cisco did not advance any objectively reasonable defenses at trial. The infringing functionality was added to their accused products post June 20, 2017, and resulted in a dramatic increase in sales which Cisco touted in both technical and marketing documents,” wrote Morgan.The district judge added that “The fact that Cisco released products with Centripetal’s functionality within a year of these meetings goes beyond mere coincidence,” said Morgan.The penalty of $1.9 billion reflects $755.8 million in actual damages suffered by Centripetal, multiplied by 2.5 to reflect Cisco’s “willful and egregious” conduct, plus prejudgment interest.Companies’ Response: “It’s been a long time coming and was very hard fought,” said Jonathan Rogers, Centripetal’s chief operating officer.”We are disappointed with the trial court’s decision given the substantial evidence of non-infringement, invalidity and that Cisco’s innovations predate the patents by many years,” Cisco said, as per Reuters.Cisco said it will appeal against the judgment the U.S. Court of Appeals for the Federal Circuit.> Cisco’s performance: The company posted annual profit of $11.2 billion in the latest fiscal year and reported a cash balance of $29.4 billion in August.> > Its shares are down 20.2% year-to-date despite the broader tech index up more than 20%.> > The stock closed about 0.8% higher at $38.57 per share on Monday.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Asian Markets Trade In Positive Territory After Dow’s Recovery Rally * European Stocks Rise On Stimulus Hopes(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

168 Robinson Road
#12-01 Capital Tower
Singapore 068912

New York

Coming Soon!

Dubai

Coming Soon!

Market Coverage