Adeia Files Breach-of-Contract Lawsuit Against Shaw
2023年10月3日 - 5:40AM
Adeia Inc. (Nasdaq: ADEA) (“Adeia”), the company whose patented
innovations shape the way the world explores and experiences
entertainment, announced today that certain Adeia companies have
filed a federal breach-of-contract lawsuit against Canada-based
Shaw Cablesystems G.P. and Shaw Satellite G.P. (together, “Shaw”),
in the Southern District of New York.
“Following its acquisition by Rogers Communications earlier this
year, Shaw breached its obligations under its license agreement,”
said Paul E. Davis, chief executive officer, Adeia. “We are
disappointed that Shaw has refused to honor its license agreement
or engage in business discussions to resolve this issue amicably,
leaving Adeia with no choice but to bring the current lawsuit to
enforce its contractual rights.”
The advanced research and development teams at Adeia have spent
decades creating market-leading technologies for the media and
entertainment industry. Adeia continues to invest in innovations
that enhance the digital experiences of consumers around the world
while adding value to the offerings its customers bring to market.
To this end, Adeia is committed to protecting its rights by
enforcing the terms of its license agreements.
“Despite Shaw’s breach, the company anticipates that its
non-GAAP operating margin for 2023 will be at or above the midpoint
of its previously provided annual financial outlook, with revenue
being at the lower end of the range and non-GAAP operating expenses
at the low end of the range,” said Davis.
About Adeia
Adeia is a leading R&D and intellectual property (IP)
licensing company that accelerates the adoption of innovative
technologies in the media and semiconductor industries. Adeia’s
fundamental innovations underpin technology solutions that are
shaping and elevating the future of digital entertainment and
electronics. Adeia’s IP portfolios power the connected devices that
touch the lives of millions of people around the world every day as
they live, work and play. For more, please visit www.adeia.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on information available to the Company as of
the date hereof, as well as the Company’s current expectations,
assumptions, estimates and projections that involve risks and
uncertainties. In this context, forward-looking statements often
address expected future business, financial performance and
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"anticipate," "intend," "plan," "believe," "could," "seek," "see,"
"will," "may," "would," "might," "potentially," "estimate,"
"continue," "expect," "target," similar expressions or the
negatives of these words or other comparable terminology that
convey uncertainty of future events or outcomes. All
forward-looking statements by their nature address matters that
involve risks and uncertainties, many of which are beyond the
Company’s control, and are not guarantees of future results. These
and other forward-looking statements are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statements. Accordingly, there are or will be important factors
that could cause actual results to differ materially from those
indicated in such statements and, therefore, you should not place
undue reliance on any such statements and caution must be exercised
in relying on forward-looking statements. Important risk factors
that may cause such a difference include, but are not limited to:
the Company’s ability to implement its business strategy; the
Company’s ability to enter into new and renewal license agreements
with customers on favorable terms; the Company’s ability to retain
and hire key personnel; uncertainty as to the long-term value of
the Company’s common stock; legislative, regulatory and economic
developments affecting the Company’s business; general economic and
market developments and conditions; the Company’s ability to grow
and expand its patent portfolios; changes in technology and
development of competing technology in the industries in which in
which the Company operates; the evolving legal, regulatory and tax
regimes under which the Company operates; unforeseen liabilities
and expenses; risks associated with the Company’s indebtedness; the
Company’s ability to achieve the intended benefits of, and its
ability to recognize the anticipated tax treatment of, the recent
spin-off of its product business; unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, including Russia’s
invasion of Ukraine, and natural disasters; and the extent to which
the COVID-19 pandemic continues to have an adverse impact on the
Company’s business, results of operations, and financial condition
will depend on future developments, including measures taken in
response to the pandemic, which are highly uncertain and cannot be
predicted. These risks, as well as other risks associated with the
business, are more fully discussed in the Company’s filings with
the U.S. Securities and Exchange Commission ("SEC"), including the
Company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. While the list of factors presented here is, and the list of
factors presented in the Company’s filings with the SEC are,
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Consequences of
material differences in results as compared with those anticipated
in the forward-looking statements could include, among other
things, business disruption, operational problems, financial loss,
legal liability to third parties and similar risks, any of which
could have a material adverse effect on the Company’s consolidated
financial condition, results of operations, liquidity or trading
price of common stock. The Company does not assume any obligation
to publicly provide revisions or updates to any forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws.
For Information Contact:Investor RelationsChris
ChaneyIR@adeia.com
Media RelationsStephanie StockerConveyor
Marketingmarketing@adeia.com
Adeia (NASDAQ:ADEA)
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