AVX Corporation (NYSE: AVX) today reported a jury verdict in a patent infringement case filed in the United States District Court for the District of Delaware captioned Greatbatch, Inc. v AVX Corporation.
Despite AVX’s defense that it had not violated Greatbatch’s patents for the particular products in question, a jury recently found that Greatbatch incurred damages totaling $37.5 million.
It is expected that AVX’s financial results for the quarter ended December 31, 2015 reported in its Form 10-Q to be filed with theU.S. Securities and Exchange Commission in early February will reflect an additional pre-tax accrual of $33.5 million in connection with this case (in addition to accruals reflected in the Company’s quarterly earnings release issued on January 26, 2016).
AVX is reviewing the verdict and consulting with its legal advisors on what action AVX may take in response.
AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.