A jury in the Los Angeles Superior Court last month awarded Cardiac Sciences $23.0 million in lost royalties, stemming from a 2002 licensing agreement with LifeCor for patents covering its wearable defibrillator technology. But when Zoll acquired LifeCor in 2006, Cardiac Sciences alleged, Zoll stopped paying the royalties.
Cardiac Sciences, which Opto acquired in 2010, sued Zoll in 2011 for breach of contract.
“This unanimous jury verdict represents a significant victory for Cardiac Science and the extensive damages validate the significant value of Cardiac Science’s wearable defibrillator technology and other technologies in [the] AED space. We will continue our commitment to protect our intellectual property and innovation,” Opto Circuits chairman & managing director Vinod Ramnani said in prepared remarks.
The news sent Opto’s shares up 5.2% to a ₹19.15 close today.