Dec 24 2007
Memry Corporation, a leading provider of nitinol and polymer components to the medical device industry, announced today that it has received an unfavorable jury verdict in its disputed technology litigation with Kentucky Oil. The jury unanimously found that Memry breached a collaboration agreement by providing confidential information to Schlumberger Technologies Corporation for use in an expandable sand screen and found Memry’s interest in certain patents should be assigned to Kentucky Oil. The collaboration agreement was entered into with Kentucky Oil’s alleged predecessor in interest in 1999, known as United Stenting, Inc. The jury found damages of $6 million for the alleged breach. The jury also determined that Schlumberger used confidential information in its development of the expandable sand screen.
The court has not entered judgment and has set a hearing date on January 25, 2008 to hear Memry’s and Schlumberger’s trial motions concerning, among other things, the sufficiency of Kentucky Oil’s evidence.
Memry CEO Robert Belcher said, “We have long maintained that Kentucky Oil’s claim for damages is totally without merit. Although today’s jury ruling is a setback, we will vigorously defend our position and we plan to appeal any adverse final trial court ruling.”