Paltalk Holdings, Inc. Awarded $65.7 Million Jury Verdict Against Cisco Systems Inc.
30 Agosto 2024 - 7:00AM
Paltalk, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”)
(Nasdaq: PALT), a communications software innovator that powers
multimedia social applications, today announced that a jury in the
District Court for the Western District of Texas (the “Court”) has
awarded the Company $65.7 million in a verdict against Cisco
Systems, Inc. (“Cisco”) for infringing U.S. Patent No. 6,683,858.
As previously disclosed, on July 23, 2021, Paltalk Holdings,
Inc., a wholly owned subsidiary of the Company, filed a patent
infringement lawsuit (the “Lawsuit”) against Cisco in the U.S.
District Court for the Western District of Texas, pursuant to which
the Company alleged that certain of Cisco’s products infringed U.S.
Patent No. 6,683,858, and that the Company was entitled to
damages.
On August 29, 2024, the jury awarded the Company $65.7 million
(the “Award”) in a jury verdict in connection with the Lawsuit,
which remains subject to post-trial proceedings (including any
potential appellate proceedings by Cisco) and the entry of a final
judgment by the Court. The exact amount of the Award proceeds to be
received by the Company will be determined based on a number of
factors and will reflect the deduction of significant
litigation-related expenses, including legal fees. Consequently,
the Company estimates that it would receive no more than one third
of the gross proceeds in connection with the Award, subject to
post-trial proceedings (including any potential appellate
proceedings by Cisco) and the entry of a final judgment by the
Court. Susman Godfrey LLP and Waco-based Cherry Johnson Siegmund
James served as legal counsel to Paltalk in connection with the
Lawsuit.
ABOUT PALTALK, INC. (Nasdaq: PALT)
Paltalk, Inc. is a communications software innovator that powers
multimedia social applications. Our product portfolio includes
Paltalk and Camfrog, which together host a large collection of
video-based communities. Our other products include ManyCam,
Tinychat and Vumber. The Company has an over 20-year history of
technology innovation and holds 8 patents. For more information,
please visit: http://www.paltalk.com.
To be added to our news distribution list, please visit:
http://www.paltalk.com/investor-alerts/.
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements.” Such
statements may be preceded by the words “intends,” “may,” “will,”
“plans,” “expects,” “anticipates,” “projects,” “predicts,”
“estimates,” “aims,” “believes,” “hopes,” “potential,” or similar
words. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in the
forward-looking statements. Forward-looking statements in this
press release may include, but are not limited to, statements
relating to the anticipated net proceeds to be received by the
Company in connection with the Lawsuit. Such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond our control, including but not limited to the timing of
and final outcome of the Lawsuit, including any potential appeals,
the ultimate payment of litigation-related expenses in connection
with the Lawsuit and the risk factors set forth in the Company’s
filings with the Securities and Exchange Commission (“SEC”),
including the Company’s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Investors and security holders are
urged to read these documents free of charge on the SEC’s website
at www.sec.gov.
All forward-looking statements speak only as of the date on
which they are made. The Company undertakes no obligation to update
any forward-looking statement or statements to reflect events or
circumstances after the date on which such statement was made,
except to the extent required by applicable securities laws.
Investor
Contacts:IR@paltalk.comClearThinknyc@clearthink.capital917-658-7878
Paltalk (NASDAQ:PALT)
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