Cisco Systems Inc. (NASDAQ:CSCO) was found by a jury Friday to have fraudulently obtained technology patented by XpertUniverse, and for not securing a licensing agreement for the technology, the jury awarded $70 million in damages to XpertUniverse, plus an additional $34,000 for finding that Cisco had infringed on a couple of patents.
“We are surprised and extremely disappointed with the jury’s verdict,” Cisco Systems Inc. (NASDAQ:CSCO) wrote in an e-mailed statement. The company has indicated it plans to appeal if U.S. District Judge Richard Andrews upheld the jury’s decision.
DISCLOSURE: I own no positions in any stock mentioned.
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