Cree And Harvatek Agree To Settle Patent Dispute And Reach License

Cree, Inc. CREE revealed that it struck a confidential settlement in its patent infringement lawsuit with Harvatek Corp. According to the company, Harvatek agreed to a royalty bearing, International license to the Cree patents-in-suit, thus ending the lawsuit between the parties.

Cree indicated that Harvatek would also pay it a license issue fee apart from the ongoing royalties as part of the license agreement.

The company's VP and General Counsel, Brad Kohn, said, "Cree's focus on innovation has led to sophisticated, energy efficient lighting products and a significant, broad-reaching, LED and LED lighting patent portfolio. Harvatek filed two meritless patent infringement countersuits in California. Both were quickly dismissed with prejudice and with no compensation paid by Cree. Cree's original patent infringement lawsuit has now been settled, resulting in a license agreement that properly compensates Cree for the use of our IP."

The company developed a wider LED patent portfolio after several years of intensive R&D, with numerous patents still pending. Cree said Major LED manufacturers make use of its patented technology and have signed license agreements to secure these rights.

On Monday, shares of the company traded 0.82 percent down.

Posted In: NewsLegal
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