INRA:
INRA > .235, WINS Settlement With ABB, NOT PR'd Yet!
Innova (OTCBB: INRA) subsidiary RWT wins trade secrets settlement against ABB...Summary:
=> A Motion to Approve Settlement and proposed Stipulated Order of Dismissal jointly filed by INRA and ABB late afternoon on 02-26-07 in the case (YESTERDAY!) (2:04-cv-00611-TAW-SPC Robotic Workspace Technologies, Inc. (INRA subsidiary) v. ABB, Inc. et al) http://www.flmd.uscourts.gov/
=> Judge approved the motion this afternoon 2/27/07, and settlement is rumored to be in the 8 figures (more than INRA's entire market cap).
=> INRA has not PRed the settlement (yet) -- it was uncovered by INRA shareholders on the PACER court docket system after-hours on 02/26/07.
=> INRA brought the trade secrets lawsuit against ABB in late 2004, each side fought a nasty battle for over two years. It was rumored that during mediation ABB offered INRA $10Mil to settle and it was flatly rejected.
=> ABB's expert later made what many believe was a �smoking gun� admission in a deposition that ABB did not have the combined technology in dispute until after an April 2002 meeting where an acquisition by ABB had been discussed
=> A year later ABB coincidentally had a rival product that apparently had much of the INRA technology that was demonstrated to ABB execs during that April 2002 meeting.
=> INRA's Feb. 20, 2007 Trial Brief stated:
"At trial, the evidence will show that the likelihood of two entities independently creating and using the nine technical trade secrets is over 500,000 to 1 or less than 1/200th of 1%. RWT (INRA) created the unique combination of trade secrets and ABB took and used them."
How much is this technology worth?
According to INRA's Trial Brief: ABB's profits for just this one rival product (IRC5) through May 2006 soared to $58 million and are projected to reach $78 million by March 2007. Under the law, if those profits were obtained through misappropriation, they must be forfeited or, at a minimum, a reasonable royalty paid to RWT for their use. Fla. Stat. 688.004.