ITC Initial Review Finds Philips' Asserted Patents Did Not Cover Garmin's Wearable Device - Garmin (NYSE:GRMN)

Garmin Ltd. (NASDAQ: GRMN) updates the patent lawsuit filed by Philips North America, LLC, and Koninklijke Philips NV PHG. The International Trade Commission (ITC) concluded the invalidity of Philips' asserted patents under its preliminary determination. Additionally, the patents did not cover Garmin's popular wearable devices as per the ITC.
"Garmin is very pleased with the ALJ's initial determination and conclusion that Philips' patents are invalid and not infringed by Garmin's products," said Andrew Etkind, Garmin's vice president and General Counsel.
However, the determination is subject to review by the ITC.
The Garmin lawsuit was fought by Scott Stevens and Kirk Bradley of Alston & Bird LLP.
Garmin recently launched its smallest smartwatch Lily for women.
Price action: GRMN shares are up 1.01% at $120.48 on the last check Friday.