Paltalk to Get $65.7M in Patent-Suit Decision Against Cisco -- Update

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.

Jericho, N.Y., communications-software company Paltalk 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 patent relates to technology that allows the combination of computer-based and phone-based clients in one audio conference.

The jury's decision remains subject to other proceedings, including the potential appeal by Cisco and the entry of a final judgment by the court.

"Cisco is disappointed with the outcome given the substantial evidence of Cisco's own innovation, non-infringement, invalidity, and reasonable royalties presented at trial," a company spokesperson said. "We look forward to addressing these issues during post-trial motions and, if necessary, on appeal."

Paltalk 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.

The company's shares tumbled 35%, to $3.53, in late-morning trading Friday. The stock, which ended Thursday's regular session at $5.46, is up 51% since the beginning of the year.

Shares of Cisco were flat Friday, at $50.35.

--Connor Hart contributed to this article.

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

(END) Dow Jones Newswires

August 30, 2024 11:40 ET (15:40 GMT)

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

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