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Flir Settles Former Executives' Technology Claims For $39 Million

DOW JONES NEWSWIRES Flir Systems Inc. (FLIR) said it will pay two former executives $39 million to settle claims over the night-vision goggle maker's use of infrared technology obtained through a past acquisition. The claims arose after Flir's 2004 acquisition of Indigo Systems Corp. brought onboard Indigo's cofounder William J. Parrish and Chief Executive Timothy Fitzgibbons, who in 2006 filed suits against Flir and added claims in 2008 over its use of the acquired company's intellectual property. The former employees on Friday agreed to dismiss the claims in exchange for a nonexclusive license to use the infrared technology, Flir said. "We are happy to move past this litigation and feel the settlement is in the best interests of FLIR's shareholders and employees," President and Chief Executive Earl R. Lewis said. "Eliminating the distraction and expense that accompanies such a case will allow our management team to focus on growing our business and developing the most technologically advanced, cost-effective thermal imaging and threat detection systems in the industry." Flir shares fell 1.1% to $36.63 Friday and were inactive after-hours. The stock has climbed 31% over the past 12 months. An attorney listed as representing Parrish and Fitzgibbons was not immediately available for comment. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

Stock News for Flir Systems (FLIR)
04/28/201606:02:01Amended Current Report Filing (8-k/a)
04/26/201607:35:41Current Report Filing (8-k)
04/25/201617:10:02Current Report Filing (8-k)
03/14/201616:07:41Additional Proxy Soliciting Materials (definitive) (defa14a)
03/14/201612:21:58Statement of Changes in Beneficial Ownership (4)
03/14/201612:21:28Statement of Changes in Beneficial Ownership (4)
03/08/201617:18:42Proxy Soliciting Materials (revised) (prer14a)
03/07/201611:39:19Statement of Changes in Beneficial Ownership (4)
03/02/201614:28:39Statement of Changes in Beneficial Ownership (4)
02/23/201611:22:29Statement of Changes in Beneficial Ownership (4)
02/16/201612:26:37Statement of Changes in Beneficial Ownership (4)
02/11/201607:31:55Current Report Filing (8-k)
02/10/201610:32:20Amended Statement of Ownership (sc 13g/a)
02/02/201607:53:20Amended Statement of Ownership (sc 13g/a)
01/26/201614:12:05Amended Statement of Ownership (sc 13g/a)
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12/15/201512:04:45Statement of Changes in Beneficial Ownership (4)

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