Nanoco confident in January date for Samsung lawsuit
By Josh White
Date: Friday 09 Dec 2022
(Sharecast News) - Quantum dot and nanomaterials developer Nanoco has been notified by the court that the case between it and Samsung has been placed first in the trial schedule that starts on 6 January, it told shareholders on Friday.
The London-listed firm said that the court had scheduled a number of trials for the same date given that, historically, the majority of cases settle before trial.
However, the fact that the Nanoco trial was set first in the schedule meant it would not be dependent on other cases settling in order to proceed.
Nanoco brought proceedings against South Korean technology giant Samsung Electronics in Texas earlier in the year, alleging that the latter's QLED television panels use its technology without agreement.
In June, Nanoco said a successful outcome could see it awarded damages worth "multiples of market capitalisation", with the Times citing City sources at the time as seeing the case's possible value being north of $500m.
For its part, Samsung said in court papers that it "denies committing any acts of infringement at any time", and has since declined to further comment on the case.
Nanoco's showdown with Samsung was previously set down to start on 12 September, but that was first pushed to 3 October.
That second date was delayed again as another trial set down for that date went ahead as planned.
The company said the delays were a downside to the Texas legal system, which it claimed delivers outcomes "at a much faster rate" than other United States jurisdictions.
"There are now no administrative or legal hurdles to the trial going ahead," said chief executive officer Brian Tenner on Friday, adding that assuming no settlement or other unforeseen event, it expected to go to trial on 6 January.
"We have maintained our team of witnesses and advisers in a high state of readiness for the last few months and this will continue until the trial is complete.
"We still expect that the trial will last five working days and therefore expect the jury to return a verdict around 12 January."
At 1210 GMT, shares in Nanoco Group were up 8.42% at 41.2p.
Reporting by Josh White for Sharecast.com.
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