Tenth Circuit Court of Appeals Affirms Verdict in Favor of ClearOne Against Biamp Systems for $3.7 Million
SALT LAKE CITY, Aug. 8, 2011 /PRNewswire/ -- The United States Court of Appeals for the Tenth Circuit issued an opinion today, affirming a November 2008 jury verdict issued by a federal district court in favor of ClearOne (NASDAQ: CLRO) against Biamp Systems Corp. ("Biamp"), for theft of ClearOne's trade secrets, including the federal district court's award of exemplary damages based upon the finding that Biamp's misappropriation was willful and malicious. In its ruling, the Tenth Circuit Court of Appeals reduced the amount of ClearOne's judgment on two categories of ClearOne's damages, but otherwise affirmed Biamp's liability to ClearOne on every component of ClearOne's judgments against Biamp for theft of ClearOne's trade secrets, including awards for lost profits, unjust enrichment, exemplary damages based upon Biamp's willful and malicious conduct, taxable costs, and attorney fees and costs.
The amount of ClearOne's judgment against Biamp is estimated to be $3.7 million, not including additional amounts that may be awarded. This amount reflects reductions by the Tenth Circuit Court of Appeals of approximately $1.1 million from the federal district court's previous judgment of about $4.8 million.
Pursuant to a prior order of the federal district court, Biamp had deposited in escrow the sum of approximately $3.7 million, to protect ClearOne and serve as a bond on appeal. ClearOne will immediately seek release of these monies to satisfy judgment in its favor.
In earlier opinions dated June 27, 2011 and July 8, 2011, the Tenth Circuit affirmed in all respects the jury verdict and related awards against Andrew Chiang, Jun Yang, Lonny Bowers, WideBand Solutions, Inc., and Versatile DSP, Inc., and the federal district court's contempt and related findings against Donald Bowers. ClearOne has not recovered any material amounts in satisfaction of its judgments against these parties.
The Tenth Circuit Court of Appeals is yet to rule upon ClearOne's request for additional awards of prejudgment interest and attorney fees against Biamp.
About ClearOne
ClearOne is a global communications solutions company that develops and sells conferencing, collaboration, multi-media streaming and connectivity systems for audio, video, and web applications. The reliability, flexibility and performance of our advanced comprehensive solutions enhance the quality of life through better communication, education, and entertainment.
We develop, manufacture, market, and service a comprehensive line of high-quality audio conferencing products under personal, tabletop, premium and professional categories. We occupy the number one position in the global professional audio conferencing market with nearly 50% of the global market share. Our conferencing solutions save organizations time and money by creating a natural environment for collaboration.
NetStreams, a ClearOne brand of residential products, delivers the ultimate IP A/V experience by distributing high definition audio and video over TCP/IP networks. NetStreams' products, designed for commercial and residential use, offer unprecedented levels of performance, functionality, simplicity, reliability, and expandability. By combining audio/video content, meta-data and control signals into one stream and incorporating industry standards, NetStreams' newly patented StreamNet® solutions are a smart investment, enabling the Power of AV over IP™ – today.
NetStreams' StreamNet technology provides elegant solutions for streaming media & control applications such as digital signage, distribution of HD video and audio, LAN Cloud Matrix Switching™, and audio paging over data networks.
Contact:
Jeff LeFevre
Sr. Corporate Marketing Director
801-303-3438
[email protected]
SOURCE ClearOne
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