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NEWS
Paltalk Holdings, Inc. Awarded $65.7 Million Jury Verdict Against Cisco Systems Inc.
JERICHO, NY, Aug. 30, 2024 (GLOBE NEWSWIRE) -- 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.
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.
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