(HeadlineNews) – Australia’s Cochlear Ltd said on Monday a U.S. district court has awarded $268.1 million in damages against the company in a patent infringement lawsuit filed by the Alfred E. Mann Foundation for Scientific Research and Advanced Bionics LLC.
The hearing devices maker said it would appeal the decision in the U.S. Court of Appeals, adding that the infringement relates to a long expired patent and has no ongoing impact on the company’s business.
“We are surprised by the decision and do not agree with the reasons given by the judge. We will continue to defend this case,” Cochlear’s chief executive Dig Howitt said in a statement.
A decision on Cochlear’s appeal was expected in about two years, the company said.
Shares of the company, which reported a fiscal 2018 profit of A$223.6 million ($161.0 million), fell 2.8 percent in early trade in a broader market trading slightly lower.
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Susan Thomas and Richard Pullin