Moneycontrol Bureau
Investors lapped up shares of Opto Circuits on Monday after its group company won USD 23 million in a court case over patented wearable defibrillator technology. The stock rallied 9.6 percent intraday.
"On May 22, a jury in Los Angeles Superior Court unanimously decided in favour of the company's breach of contract claims against Zoll Medical Corporation and Zoll LifeCor Corporation, awarding Cardiac Science USD 2,29,91,985 in lost royalties," said the medical equipment maker in its filing to the exchange.
Cardiac Science Corporation, a group company and global leader in automated external defibrillators, had a dispute with Zoll for wearable defibrillator technology.
"In 2002, LifeCor began marketing its LifeVest product, which infringed a number of Cardiac Science's patents. To avoid infringement claims, LifeCor entered into a cross-license agreement with Cardiac and was able to continue selling its device. However, once Zoll Medical acquired Lifecor in 2006, they stopped paying royalties associated with the cross-license agreement. Cardiac sued Zoll Medical and Zoll Lifecor, for breach of contract in 2011," the company explained the history for case.
At 10:39 hours IST, the scrip of Opto Circuits India was quoting at Rs 19.70, up Rs 1.50, or 8.24 percent on the BSE.
Posted by Sunil Shankar Matkar
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