Shares in PCI-PAL rose on Tuesday following a successful patent infringement defense against software company Sycurio.
PCI-PAL, a payment-services provider, announced on Monday that it had emerged victorious in a patent infringement suit brought by Sycurio in the U.K. High Court. This legal victory had an immediate positive impact on the company’s shares, which surged by 19% to reach 58.5 pence at 1036 GMT.
The judgement rendered by the court declared that Sycurio’s patent was invalid due to its obviousness, tracing its roots back to two prior sources of art. Additionally, the court concluded that PCI-PAL’s Agent Assist product did not infringe upon the disputed patent.
However, despite this setback, Sycurio has vowed to appeal the decision and continue its claims against PCI-PAL in the United States. The software company maintains that its intellectual property rights have been violated by PCI-PAL’s Agent Assist system in both countries.
It is worth noting that PCI-PAL accused Sycurio of breaching a confidentiality agreement in April 2022 during the course of the patent litigation case. According to PCI-PAL, Sycurio illicitly shared confidential information with employees who were not included in the previously agreed-upon confidentiality agreements.
In light of the recent court ruling, PCI-PAL also announced that it would provide an update to investors in the near future regarding the timing of the release for its fiscal 2023 results. This release had been delayed due to its proximity to the court’s ruling.