Friday, May 14, 2010

TiVO SLAMMED on court ruling (TIVO, DISH)

Shocking investors, A federal appeals court has granted Dish Network a full review of a ruling they previously lost to TiVo.  TiVo shares are down 38% on the news.

From the AP:

TiVo sued Dish in 2004 for patent infringement over a technology that stored and retrieved video on DVRs, which lets viewers pause, rewind and replay live TV. Dish lost the case on appeal, paid TiVo $104.6 million in damages and interest and was barred from using the technology.
While the case was going on, Dish redesigned software that it said did not infringe on TiVo's patent. But U.S. District Judge David Folsom disagreed after a trial in Marshall, Texas. He ordered Dish to pay TiVo additional damages -- this time at $103 million plus interest, along with about $200 million in contempt sanctions.
Dish appealed the contempt sanctions but lost March 4. Friday's ruling vacates that decision.

Statement from Tivo:

ALVISO, CA--(Marketwire - 05/14/10) - TiVo Inc., the creator of and a leader in television services and advertising solutions for digital video recorders (DVRs), offered the following statement on the U.S. Court of Appeals decision to grant an en banc hearing in the lawsuit against EchoStar.
"We are disappointed that we do not yet have finality in this case despite years of litigation but we remain confident that the Federal Circuit's ruling in our favor will be reaffirmed after all of the judges on the Federal Circuit have had the opportunity to review the merits of this case."
One unhappy party must be the Lazard equity team covering Tivo.  They raised their TIVO price target to $27 from $13 back on March 4th, after an appeals court ruled in Tivo's favor.  Today Lazard is downgrading shares to Hold from Buy, no word yet on their new target...

1 comment:

  1. Easily Boost Your ClickBank Banner Commissions And Traffic

    Bannerizer made it easy for you to promote ClickBank products using banners, simply go to Bannerizer, and get the banner codes for your favorite ClickBank products or use the Universal ClickBank Banner Rotator to promote all of the available ClickBank products.