OTTAWA, ON, June 17, 2020 /PRNewswire/ - Wi-LAN Inc. ("WiLAN"), a Quarterhill Inc. ("Quarterhill") company (TSX: QTRH) (OTCQX: QTRHF), today provided an update on its ongoing litigation with Apple Inc. ("Apple"). All dollar amounts are in U.S. dollars unless otherwise indicated.
Following a jury verdict win on January 24, 2020 of $85.23 million in a damages-only re-trial in the United States District Court for the Southern District of California (the "Court"), the Court ruled late yesterday on all post-trial motions and entered final judgment in favor of WiLAN, maintaining the full jury verdict and denying Apple's motions for retrial or lowering the damages award (the "Final Judgment"). The Court also awarded WiLAN an additional amount of $23.75 million in pre-judgment interest. The total award in the Final Judgment stands at $108.98 million and WiLAN is entitled to post-judgment interest from June 16, 2020 until the date this Final Judgment is satisfied. In addition, as indicated in the Court's Final Judgment, there are additional royalties for products which Apple released during the pendency of the litigation that will have to be accounted for separately.
Both parties may appeal the Final Judgment, in part or in whole, to the Court of Appeals for the Federal Circuit and have 30 days to do so.
WiLAN, a Quarterhill company, is one of the most successful patent monetization companies in the world and partners with its customers to unlock the value of intellectual property through various patent monetization models. WiLAN operates in a variety of markets including automotive, digital television, Internet, medical, semiconductor and wireless communication technologies. For more information: www.wilan.com.
Quarterhill is focused on the disciplined acquisition, management and growth of companies in dedicated technology areas including, vertical market software and solutions, intelligent industrial systems and innovation and licensing. Quarterhill's emphasis is on seeking out acquisition opportunities at reasonable valuations that provide a foundation for recurring revenues, predictable cash flows and margins, profitable growth, intimate customer relationships and dedicated management teams. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX under the symbol QTRHF. For more information: www.quarterhill.com
This news release contains forward-looking statements and forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws. Forward-looking statements and forward-looking information are based on estimates and assumptions made by Quarterhill in light of its experience and its perception of historical trends, current conditions, expected future developments and the expected effects of new business strategies, as well as other factors that Quarterhill believes are appropriate in the circumstances. Many factors could cause Quarterhill's actual performance or achievements to differ materially from those expressed or implied by the forward-looking statements or forward-looking information. Such factors include, without limitation, the risks described in Quarterhill's February 27, 2020 annual information form for the year ended December 31, 2019 (the "AIF"). Copies of the AIF may be obtained at www.sedar.com. Quarterhill recommends that readers review and consider all of these risk factors and notes that readers should not place undue reliance on any of Quarterhill's forward-looking statements. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Wi-LAN Inc.