Adeia Receives Decision in Bell and Telus Litigation
Adeia reaffirms 2022 guidance
SAN JOSE, Calif., Oct. 11, 2022 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (“Adeia” or the “Company”) announced today that Adeia Guides Inc. (formerly known as Rovi Guides, Inc.) received a decision issued by the Federal Court of Canada finding in favor of Bell Canada and Telus and their respective cable platforms.
“We are disappointed and disagree with the Court’s ruling and will be appealing the decision, as we recently did following the Videotron decision from the same judge earlier this year. As a reminder, we filed a second lawsuit against Bell last year and continue to explore all our options with respect to Telus. The value of our intellectual property is well-established and will continue to support our long-term opportunity to enter market-based licenses with Bell and Telus,” said Paul Davis, Adeia’s chief executive officer. “We also remain confident in our long-term outlook shared during our investor day last month and we reaffirm our 2022 guidance. This decision represents a very small fraction of our overall portfolio of over 9500 patent assets, which we plan to grow 10% year over year principally through our own internal innovations. Moreover, our business outlook remains strong, as evidenced by recent renewals and new license agreements and our strong track record of completing the vast majority of our license agreements without litigation.”
Specifically, the Court found each of the asserted claims of the four patents involved in the case were invalid. The same judge in the Videotron case previously found the asserted claims of two of those same patents invalid. The Company’s second lawsuit accuses Bell of infringing four different patents relating to advanced interactive program guide functionality and recording, transcoding, and delivering media content in multiple formats based on the capabilities of user equipment. This second litigation covers Bell's Fibe TV cable platform, Satellite TV, and Crave TV services and names two of Bell’s suppliers, Ericsson and Mediakind, as defendants.
The full decision is currently subject to confidentiality restrictions. As more information becomes available, the Company will determine whether further comment on the decision is appropriate.
About Adeia Inc.
Adeia invents, develops and licenses fundamental innovations that shape the way millions of people explore and experience entertainment in an increasingly connected world. From TVs to smartphones, and across all types of entertainment experiences, Adeia’s technologies allow users to manage content and connections in a way that is smart, immersive and personal. For more information, please visit adeia.com.
Source: Adeia Inc.
For Information Contact:
Idalia Rodriguez and Jill Koval
Arbor Advisory Group
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "could," "seek," "see," "will," "may," "would," "might," "potentially," "estimate," "continue," "expect," "target," similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the Company’s control, and are not guarantees of future results. These and other forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the Company’s ability to implement its business strategy; the Company’s ability to enter into new and renewal license agreements with customers on favorable terms; the Company’s ability to retain and hire key personnel; uncertainty as to the long-term value of the Company’s common stock; legislative, regulatory and economic developments affecting the Company’s business; general economic and market developments and conditions; the Company’s ability to grow and expand its patent portfolios; changes in technology and development of competing technology in the industries in which in which the Company operates; the evolving legal, regulatory and tax regimes under which the Company operates; unforeseen liabilities and expenses; risks associated with the Company’s indebtedness; the Company’s ability to achieve the intended benefits of, and its ability to recognize the anticipated tax treatment of, the recent spin-off of its product business; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, including Russia’s invasion of Ukraine, and natural disasters; and the extent to which the COVID-19 pandemic continues to have an adverse impact on the Company’s business, results of operations, and financial condition will depend on future developments, including measures taken in response to the pandemic, which are highly uncertain and cannot be predicted. These risks, as well as other risks associated with the business, are more fully discussed in the Company’s filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. While the list of factors presented here is, and the list of factors presented in the Company’s filings with the SEC are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, liquidity or trading price of common stock. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.