Legal Proceedings Report • May 4, 2015
Legal Proceedings Report
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On May 1st , 2015, the jury reached a verdict issued in the United States District Court for the Western District of Pennsylvania in the damages trial against Parrot S.A. and its U.S. subsidiary (Parrot Inc.) for approximately \$3.8m for past damages and \$4m for future damages.
The lawsuit, filed by Drone Technologies Inc. in January 2014, was based on two U.S. patents Drone Technologies claimed to own, and concerned only the U.S. market of Parrot's consumer drone products. Plaintiff had sought \$7.5m for past damages and \$17.3m for future damages.
Post-trial motions are expected from both parties. Meanwhile, the United States Patent and Trademark Office (USPTO) is reviewing the validity of the patents in two review proceedings Parrot initiated last year. The USPTO will issue a final decision on whether or not the patents can survive the validity challenges by the end of October 2015. The best estimate of the costs of the proceedings has been reserved for at December 31, 2014 in the consolidated financial statements but not the estimated potential damages that cannot be quantified.
Founded in 1994 by Henri Seydoux, Parrot creates, develops and markets advanced technology wireless products for consumers and professionals. The company builds on a common technological expertise to innovate and develop in three primary markets:
Headquartered in Paris, Parrot currently employs more than 900 people worldwide and generates the majority of its sales overseas. Parrot has been listed on Euronext Paris since 2006. (FR0004038263 – PARRO). For more information, please visit www.parrot.com
Investors, analysts, financial media Marie Calleux - T.: +33(0) 1 48 03 60 60 [email protected]
Tech and consumer media Vanessa Loury - T.: +33(0) 1 48 03 60 60 [email protected]
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