Tree.com Announces Jury Verdict in Patent Infringement Case
CHARLOTTE, N.C., March 12, 2014 /PRNewswire/ -- Tree.com, Inc. (NASDAQ: TREE) today announced that a federal jury in Charlotte, North Carolina, returned a verdict in the patent infringement case against defendants Zillow, Inc., Adchemy, Inc., and NexTag, Inc. The jury found the defendants did not infringe LendingTree's U.S. Patent Nos. 6,385,594 and 6,611,816 and determined that those patents are invalid. The jury found in favor of LendingTree on the defendants' counterclaims alleging inequitable conduct and antitrust violations. A formal judgment has not yet been entered in the case and certain issues not before the jury remain to be resolved. Tree.com stated that it is pleased with the jury's findings on the defendants' counterclaims, but it is disappointed with the verdict on its patent claims and believes it has strong grounds for appeal. Tree.com stated that the verdict will not impact its ability to offer LendingTree's current suite of products and services. The verdict does not affect the business outlook and guidance for 2014 discussed in Tree.com's press release issued March 10, 2014.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
The matters contained in the discussion above may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of Tree.com. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include uncertainties in the remaining litigation process for the above matter and Tree.com's success in defending any other legal proceedings brought against it; adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates; seasonality of results; potential liabilities to secondary market purchasers; changes in Tree.com's relationships with network lenders; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain customers in a cost-effective manner; ability to develop new products and services and enhance existing ones; competition; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network lenders or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under "Risk Factors" in Tree.com's Annual Report on Form 10-K for the period ended December 31, 2012 and Quarterly Report on Form 10-Q for the period ended September 30, 2013, and in our other filings with the Securities and Exchange Commission. Tree.com undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.
About Tree.com, Inc.
Tree.com, Inc. (NASDAQ: TREE) is the parent of several brands and businesses that provide information, tools, advice, products and services for critical transactions in consumers' lives. Our family of brands includes: LendingTree®, GetSmart®, LendingTree Education(SM), LendingTreeAutos(SM), LendingTree HomePros(SM), DoneRight® and InsuranceTree®. Together, these brands serve as an ally for consumers who are looking to comparison shop for loans, education, auto, home services and other services from multiple businesses and professionals who will compete for their business.
Tree.com, Inc. is headquartered in Charlotte, NC and maintains operations solely in the United States. For more information, please visit www.tree.com.
SOURCE Tree.com, Inc.