Bel Announces Resolution of SynQor Lawsuit
November 25 2013 - 4:15PM
Business Wire
Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) announced
today that its joint petition for certiorari with the United States
Supreme Court in the SynQor, Inc. v. Artesyn Technologies, Inc., et
al. lawsuit, originally brought in the United States District
Court, Eastern District of Texas in November 2007, has been denied.
Accordingly, Bel has paid to SynQor, Inc. previously awarded
damages plus interest, totaling $10.9 million. Of this amount, $8.1
million was recorded by Bel as a litigation charge in its
consolidated statement of operations for the fourth quarter of
2010; $1.9 million is covered through an indemnification agreement
with one of Bel's customers; and $0.6 million was recorded as an
expense by the Company during the second quarter of 2011.
The lawsuit alleged that eleven defendants, including Bel,
infringed SynQor's patents covering certain power products. With
respect to Bel, the plaintiff claimed that the Company infringed
its patents related to unregulated bus converters and/or
point-of-load (POL) converters used in intermediate bus
architecture power supply systems.
About Bel
Bel (www.belfuse.com) and its divisions are primarily engaged in
the design, manufacture, and sale of products used in networking,
telecommunications, high-speed data transmission, commercial
aerospace, military, transportation, and consumer electronics.
Products include magnetics (discrete components, power transformers
and MagJack® connectors with integrated magnetics), modules (DC-DC
converters and AC-DC power supplies, integrated analog front-end
modules and custom designs), circuit protection (miniature, micro
and surface mount fuses) and interconnect devices (micro, circular
and filtered D-Sub connectors, fiber optic connectors, passive
jacks, plugs and high-speed cable assemblies).
Forward-Looking Statements
Except for historical information contained in this press
release, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties.
Actual results could differ materially from Bel's projections.
Among the factors that could cause actual results to differ
materially from such statements are: the market concerns facing our
customers; the continuing viability of sectors that rely on our
products; the effects of business and economic conditions;
difficulties associated with integrating recently acquired
companies; capacity and supply constraints or difficulties; product
development, commercialization or technological difficulties; the
regulatory and trade environment; risks associated with foreign
currencies; uncertainties associated with legal proceedings; the
market's acceptance of the Company's new products and competitive
responses to those new products; and the risk factors detailed from
time to time in the Company's SEC reports. In light of the risks
and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We
undertake no obligation to update or revise any forward looking
statements.
Investor Contact:Neil Berkman Associates(310)
477-3118info@berkmanassociates.comorCompany Contact:Bel Fuse
Inc.Daniel BernsteinPresident & CEO(201) 432-0463
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