Audiovox Electronics Corporation Announces In-Favor Ruling in Litigation With MPEG LA
Audiovox Electronics Corporation, a wholly owned subsidiary of VOXX International Corporation (NASDAQ: VOXX) today announced a decision in the patent licensing litigation pending in the Suffolk County Supreme Court in Riverhead, New York.
The jury found in favor of Audiovox Electronics Corporation ruling that AEC was not responsible for the period September 1, 2000 to September 30, 2006. The Company will make payments to MPEG LA for the period October 2006 – September 2009 and expects to be reimbursed by its suppliers for these payments.
Patrick Lavelle, VOXX International's President & Chief Executive Officer stated, "Our Company respects intellectual property rights and stands by our agreements with our partners. We have and continue to take aggressive steps to protect our own intellectual property and will vigorously defend our position when we believe we are correct. The jury verdict in this case has confirmed our position."
