HOUSTON, Jan. 11, 2019 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced that the Federal
Circuit Court of Appeals in Washington,
D.C. has again vacated the judgment that would have required
ION to pay more than $93 million to
WesternGeco for lost profits from surveys performed by ION's
customers outside of the United States. The Federal Circuit
Court had the case on remand from the United States Supreme Court,
which, in June, ordered the Federal Circuit to determine whether it
was appropriate to reinstate the jury's verdict for lost profits in
this case. The lost profits stem from a verdict that ION
infringed several patent claims held by WesternGeco. Since
the jury verdict, a majority of the patent claims have been found
to be invalid by the Patent and Trademark Office and the Federal
Circuit Court, meaning that the patents underlying the claims
should never have been granted. Of the patent claims that
were not invalidated, only one is asserted by WesternGeco to have
supported the lost profits award.
In its ruling, the Federal Circuit Court remanded to
the United States District Court
for the Southern District of Texas
to determine whether to hold a new trial as to lost profits.
The Federal Circuit Court held that the lost profits award can be
reinstated by the District Court if the existing trial record
establishes that the jury must have found that the
technology covered by the one remaining patent claim was
essential for performing the surveys upon which lost
profits were based. If the District Court concludes that
WesternGeco established at trial, with undisputed
evidence, that the remaining claim covers technology that was
necessary to perform the surveys, then the District
Court may deny a new trial and reinstate lost profits.
Otherwise, the District Court must order a new trial.
About ION
ION develops and leverages innovative technologies, creating
value through data capture, analysis and optimization to enhance
critical decision-making, enabling superior returns. For more
information, visit iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com
ION (Legal)
EVP, General Counsel & Corporate Secretary
Matthew Powers, +1 713.366.7226
matt.powers@iongeo.com
The information herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements may include information and other
statements that are not of historical fact. Actual results may vary
materially from those described in these forward-looking
statements. All forward-looking statements reflect numerous
assumptions and involve a number of risks and uncertainties. These
risks and uncertainties include the risks associated with the
timing and development of ION Geophysical Corporation's products
and services; pricing pressure; decreased demand; changes in oil
prices; and political, execution, regulatory, and currency
risks. These risks and uncertainties also include risks
associated with the WesternGeco litigation and other related
proceedings. We cannot predict the outcome of this litigation or
the related proceedings. For additional information
regarding these various risks and uncertainties, including
the WesternGeco litigation, see our Form 10-K for the year
ended December 31, 2017, filed on
February 8, 2018. Additional risk
factors, which could affect actual results, are disclosed by the
Company in its fillings with the Securities and Exchange Commission
("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed
during the year. The Company expressly disclaims any obligation to
revise or update any forward-looking statements.
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SOURCE ION Geophysical Corporation