Paltalk Awarded $65.7M on Patent Lawsuit Against Cisco Systems

Dow Jones08-30

By Michael Susin

Paltalk Holdings on Friday said it has been awarded $65.7 million in a verdict against Cisco Systems related to a patent lawsuit.

The Jericho, N.Y.-based communications-software company said a jury in the district court for the Western District of Texas decided the company was entitled to damages over alleged patent infringement.

The verdict, however, remains subject to other proceedings, including the potential appeal by Cisco and the entry of a final judgment by the court.

Paltalk said it estimates that it would receive no more than one third of the gross proceeds from the award given the deduction of significant litigation-related expenses.

Cisco Systems wasn't immediately available for comment.

Paltalk shares are down 11% in premarket trading at $4.86 after closing Thursday up 14% at $5.46. Shares on a year-to-day basis have more than doubled.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

August 30, 2024 06:33 ET (10:33 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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