SPY319.34+7.98 2.56%
DIA271.54+8.21 3.12%
IXIC9,814.08+198.27 2.06%

NCS Multistage Holdings Inc Says On March 1, District Court Awarded Subsidiary Repeat Precision About $34.4M Decision Plus Attorneys' Fees; Award Was In Connection With Breach Of Exclusive License, Patent Infringement And Tortious Interference Claims

HOUSTON, March 17, 2020 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) today announced that the United States District Court for the Western District of

Benzinga · 03/18/2020 10:10

HOUSTON, March 17, 2020 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) today announced that the United States District Court for the Western District of Texas, Waco Division, has awarded Repeat Precision, LLC, a 50 percent owned subsidiary of NCS (“Repeat Precision”), an approximately $34.4 million decision plus attorneys’ fees, in the case of Diamondback Industries, Inc. (“Diamondback”) vs. Repeat Precision, LLC, NCS Multistage LLC, and NCS Multistage Holdings, Inc., No.6:19-CV-00034-ADA. In its ruling, the Court validated the terms of Repeat Precision’s exclusive license agreement with respect to the setting tool technology practicing U.S. Patent No. 9,810,035, which Repeat Precision sells on a standalone basis and as the PurpleSeal Express™ System, combining the setting tool with the PurpleSeal™ frac plug. This ruling means Diamondback is prevented from selling its infringing SS line of setting tools. To read the Court’s ruling in its entirety, please view a copy of the ruling posted on NCS’s website under Investors-Presentations at https://ir.ncsmultistage.com/presentations/Decision-3-20.