ROLLING MEADOWS, Ill., Dec. 8, 2020 /PRNewswire/ -- Cambium Networks Corporation (NASDAQ: CMBM), a leading provider of wireless networking infrastructure solutions, today announced that it has reached a settlement of the lawsuit filed by Ubiquiti Inc. (NYSE:UI) in the United States District Court, Northern District of Illinois, against Cambium Networks and certain other named defendants regarding Cambium Networks' development, marketing, licensing and sale of its Elevate software for use on Ubiquiti devices.
Under the terms of the settlement, Cambium Networks will pay an undisclosed sum to Ubiquiti, which Cambium Networks has already accrued and reflected in its financial results for the three months ending September 30, 2020 as reflected in its quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2020, and Cambium Networks has agreed to no longer manufacture, market, sell or distribute Elevate software for use on Ubiquiti devices or issue additional licenses for the use of Elevate software on Ubiquiti devices. Cambium Networks, however, will continue to support Ubiquiti devices that have been Elevated according to its standard support obligations for discontinued products. The parties have agreed that the remaining terms of the settlement agreement shall remain confidential.
No party has admitted any wrongdoing or liability in connection with the lawsuit and there has not been any court finding as to the merits of the lawsuit or any of the claims and defenses asserted therein. However, in order to avoid the expense, burden and uncertainty of litigation, the parties have entered into this confidential settlement agreement to resolve the dispute.
About Cambium Networks
Cambium Networks empowers millions of people with wireless connectivity worldwide. Its wireless portfolio is used by commercial and government network operators as well as broadband service providers to connect people, places and things. With a single network architecture spanning fixed wireless and Wi-Fi, Cambium Networks enables operators to achieve maximum performance with minimal spectrum. End-to-end cloud management transforms networks into dynamic environments that evolve to meet changing needs with minimal physical human intervention. Cambium Networks empowers a growing ecosystem of partners who design and deliver multi-gigabit wireless solutions that just work.
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SOURCE Cambium Networks