Markforged to challenge $17.34M fine in patent lawsuit
April 17, 2024
Markforged Holding Corporation, headquartered in Watertown, Massachusetts, USA, announced that, on April 11, 2024, the jury in the US District Court for the District of Delaware awarded Continuous Composites Inc, Coeur d’Alene, Idaho, $17.34 million in monetary damages against wholly owned subsidiary Markforged Inc.
In July 2021, Continuous Composites filed a patent-infringement lawsuit against the company. While the jury found one of the two patent claims Continuous Composites asserted at trial against the company to be invalid and not infringed, they found that Markforged had infringed the other patent claim and awarded monetary damages.
While the company reports that it cannot predict what additional action Continuous Composites may take, it is possible that it may seek additional relief through post-trial motions for royalty payments on future revenue, which could materially impact the company’s business and operations.
Markforged reportedly disagrees with this verdict and intends to seek to overturn the verdict in post-trial motions with the District Court. The company is said to be exploring all available options, including seeking to overturn the verdict and any resulting judgment through the appeals process.
While the company is currently assessing the verdict’s impact on its business, given its current balance sheet, effective cost controls and new product line, it intends to remain focused on the future of the company and its ability to drive the adoption of Additive Manufacturing on the factory floor.
