Wednesday, 15 May 2013

Neptune: Class Action Dismissed & US Patent Update

Neptune Technologies and Biorresources
TSX: NTB – NASDAQ: NEPT
Basic Shares: 60.0 million
Fully Diluted: 67.5 million
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Earlier today, Neptune issued two news releases, the first was titled “Class Action Lawsuit Against Neptune Dismissed”, which announced that the Class Action Lawsuit filed against Neptune in December 2012 by Robbins Geller Rudman & Dowd LLP (RGRD) was voluntarily dismissed by the plaintiffs.
 
According to management, even though there were a number of other law firms that announced intention to investigate and/or pursue class action lawsuits, RGRD was the only one that served the company.
 
Click here to view the news release.
 
The second release today was titled “Neptune Responds to Aker’s Continued Attempts to Deflect Attention From Its Sustained Patent Infringement.”
 
The news release provides an update on the United States Patent and Trademark Office’s (USPTO) re-examination of Neptune’s Patent No. 8,030,348. It states that the USPTO issued Neptune a NON-FINAL Action Closing Prosecution (ACP).  Therefore, according to management, Neptune has one month to submit additional arguments stating its position before the USPTO renders a final decision.
 
"There are unresolved issues still outstanding, including new information filed by Aker, that Neptune has not had the procedural opportunity to rebut", highlighted Benoit Huart, Director of Legal Affairs at Neptune. "We strongly believe that once this information is rebutted, the USPTO will be better placed to confirm our position."
 
To view the patent news release, please click here.