HOUSTON, Aug. 30, 2019 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced that
the United States District Court
for the Southern District of Texas
refused WesternGeco's request to reinstate a $100 million lost profits award against ION, and
instead ordered a new trial to determine what lost profits, if any,
WesternGeco is entitled to from surveys performed by ION's
customers outside of the United States.
In January of this year, the Federal Circuit Court of Appeals in
Washington, D.C. vacated a
judgment that would have required ION to pay more than $100 million in lost profits damages. These
damages stemmed from a 2012 verdict that ION infringed several
patent claims held by WesternGeco. Four of the five patent
claims that supported lost profits damages in the 2012 verdict were
found, by the Federal Circuit Court, to be invalid.
"We are very pleased with the court's ruling today," stated
Chris Usher, ION's President and
Chief Executive Officer. "All but one of the claims that
underpinned the jury's award of lost profits were for patents that
never should have been issued. As we argued to the Court, the
remaining claim that is in play is very narrow and governs one
particular way of doing turn control that was not necessary for the
surveys. After many years of litigation, we have renewed
confidence in the ultimate outcome, and look forward to making our
ION develops and leverages innovative technologies, creating
value through data capture, analysis and optimization to enhance
critical decision-making, enabling superior returns. For more
information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
EVP, General Counsel & Corporate Secretary
Matthew Powers, +1 281.933.3339
The information herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements may include information and other
statements that are not of historical fact. Actual results may vary
materially from those described in these forward-looking
statements. All forward-looking statements reflect numerous
assumptions and involve a number of risks and uncertainties. These
risks and uncertainties include the risks associated with the
timing and development of ION Geophysical Corporation's products
and services; pricing pressure; decreased demand; changes in oil
prices; and political, execution, regulatory, and currency risks.
These risks and uncertainties also include risks associated with
the WesternGeco litigation and other related proceedings. We cannot
predict the outcome of this litigation or the related proceedings.
For additional information regarding these various risks and
uncertainties, including the WesternGeco litigation,
see our Form 10-K for the year ended December 31, 2018, filed on February 7, 2019. Additional risk factors, which
could affect actual results, are disclosed by the Company in its
filings with the Securities and Exchange Commission ("SEC"),
including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the
year. The Company expressly disclaims any obligation to revise or
update any forward-looking statements.
SOURCE ION Geophysical Corporation