HOUSTON, May 7, 2018 /PRNewswire/ -- ION Geophysical Corporation (NYSE : IO ) today announced that the United States Court of Appeals for the Federal Circuit affirmed the invalidation of several of WesternGeco's marine streamer system patent claims, including four of the six claims that were the basis of the District Court's award of damages to WesternGeco in WesternGeco LLC vs ION Geophysical Corporation. The patent claims were invalidated by the Patent Trial and Appeal Board (PTAB) in an administrative proceeding known as an Inter Partes Review.
The Federal Circuit had already reversed the District Court's award of foreign lost profits to WesternGeco in the aforementioned case in 2015, holding that they were categorically unavailable as a matter of law. That decision was appealed to the United States Supreme Court, which heard arguments in April and will likely issue a decision by the end of June. The Court of Appeals' affirmation of the PTAB's decision positions ION well with yet another avenue to challenge WesternGeco's claims.
"This is clearly a David and Goliath situation with Schlumberger's unlimited resources, but we have been diligently fighting this case for over eight years," stated Brian Hanson, ION's President and Chief Executive Officer. "Today, our patents, which were filed first, remain valid while theirs have been invalidated. While we are hopeful that the Supreme Court will affirm the Federal Circuit Court's 2015 decision that held foreign lost profits unavailable as a matter of law, if they do not, we now have yet another arrow in our quiver."
ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns. For more information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
EVP, General Counsel & Corporate Secretary
Matthew Powers, +1 713.366.7226
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
SOURCE ION Geophysical Corporation