Paltalk awarded $65.7M jury verdict against Cisco Systems in patent suit

Paltalk (PALT) announced that a jury in the District Court for the Western District of Texas has awarded the company $65.7M in a verdict against Cisco Systems (CSCO) for infringing U.S. Patent No. 6,683,858. As previously disclosed, on July 23, 2021, Paltalk Holdings, Inc., a wholly owned subsidiary of the Company, filed a patent infringement lawsuit against Cisco in the U.S. District Court for the Western District of Texas, pursuant to which the company alleged that certain of Cisco’s products infringed U.S. Patent No. 6,683,858, and that the company was entitled to damages. On August 29, 2024, the jury awarded the company $65.7M in a jury verdict in connection with the Lawsuit, which remains subject to post-trial proceedings and the entry of a final judgment by the Court. The exact amount of the Award proceeds to be received by the company will be determined based on a number of factors and will reflect the deduction of significant litigation-related expenses, including legal fees. Consequently, the company estimates that it would receive no more than one third of the gross proceeds in connection with the Award, subject to post-trial proceedings and the entry of a final judgment by the Court.