28th Jun 2022 20:14
PCI-PAL PLC - Suffolk, England-based provider of software-as-a-service allowing companies to take payments from customers - Updates on the patent infringement claims from a competitor in the US. PCI-PAL had previously filed a motion to dismiss on the basis that the US patents of Sycurio Ltd were invalid as they are "too abstract to be patentable". Says court has now determined the company had made "strong arguments" regarding invalidity, but it could not make a final ruling on the matter at such an early stage of the proceedings. The US court date is not expected until mid-2024, and the firm is likely to resubmit the motion, along with other arguments about invalidity, later once the court process has progressed.
"The board is encouraged by a number of statements made by the court in its ruling. As a result, the board believes, even at this very early stage of the US litigation process, that the validity of Sycurio's patents is in serious doubt given PCI Pal also has strong invalidity arguments based on prior art," the company says.
Current stock price: 58.50 pence, down 4.1% on Tuesday
12-month change: down 37%
By Elizabeth Winter; [email protected]
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