Nanoco shares soar 40% as British tech minnow agrees settlement with Samsung over long-running patent infringement lawsuit
- The case was due to be heard in US courts today
- But Nanoco said the two parties had now reached a ‘no fault settlement’
Nanoco shares soared 40 per cent after it revealed it had agreed a settlement with Samsung over a long-running legal battle over an alleged patent infringement.
The case was due to be heard in US courts today, but the British tech minnow said the two parties had now reached a ‘no fault settlement’ and have 30 days to agree the detailed terms of a binding agreement.
Manchester-based Nanoco alleged that the South Korean telecoms group, which is best known for its mobile phones and televisions, stole its unique patented techniques to create tiny specialist semiconductors.
Settlement: Nanoco sued Samsung at the start of 2020
Nanoco claims Samsung then used these components, known as quantum dots, in its new range of high-tech QLED TVs.
The two companies had previously worked together on developing the quantum dots, but Samsung eventually ended the collaboration.
Nanoco, which was spun out of Manchester University, recently launched proceedings for an injunction in Germany seeking to ban the sale of Samsung QLED TVs.
Nanoco claims it is owed potentially hundreds of millions of pounds from past and future sales. Samsung denies the charges.
The group’s have jointly requested a stay to the trial in order to allow time for this agreement to be finalised.
‘The Company expects to issue a further update on completion of the final binding agreement within the next 30 days,’ Nanoco told investors today.
A settlement would put an end to a long-running lawsuit, which was filed at the start of 2020.
AIM-listed Nanoco shares were 37 per cent higher at 57p in afternoon trading on Friday. They have risen 200 per cent over the last year.