iRobot Notches a Significant Patent-Dispute Win
Only a day after iRobot (NASDAQ: IRBT) stock plunged, as a short-seller highlighted the threat of new competition for the Roomba maker, the company offered an effective reminder of how hard it is to muscle into its turf. More specifically, on Thursday, iRobot announced it has reached a confidential agreement stemming from a patent dispute with Micro-Star International (MSI), a Taiwan-based computer and component manufacturer.
Per the terms of the agreement, MSI has agreed to pay iRobot an undisclosed amount and to exit the robotic-cleaning industry worldwide. In turn, iRobot has agreed to remove Hoover Quest 600, 700, and 800 products sold by Hoover, Inc. from a pending U.S. International Trade Commission (ITC) investigation and a related court case in Massachusetts.
Image source: iRobot.
Source: Fool.com