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MarketScreener Homepage  >  Equities  >  Nasdaq  >  AlarmCom Hldg Inc    ALRM

ALARMCOM HLDG INC

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AlarmCom Hldg : SecureNet Victorious Against Alarm.com's $20 Million Patent Lawsuit

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02/12/2019 | 12:11pm EST

Jury offers a sweeping rejection of Alarm.com's patent infringement suit on all 3 claims

LEHI, UT / ACCESSWIRE / February 12, 2019 / SecureNet, a leading B2B provider of flexible, turn key security, smart home, and IoT solutions, has successfully defended itself against Alarm.com. Alarm.com filed a patent infringement lawsuit and was seeking $20,000,100 USD in alleged damages.

In a Delaware US District Court, SecureNet successfully argued they did not infringe the 3 patents in question. The eight-member jury ruled SecureNet did not infringe U.S. Patent Nos. 8,073,931, 8,478,844 and 8,473,619 and that no damages for lost profits and no reasonable royalties were due to Alarm.com. SecureNet attorney Erik B. Milch of Cooley LLP told the jury, "You didn't see a single line of code from SecureNet's server. You didn't see a single line of code from SecureNet's app. Not one. The only thing SecureNet makes is software. We're talking about patent claims for devices that SecureNet does not make."

SecureNet CEO, Andrew Wilson, stated, "We have a completely different architecture to our competitors that delivers a faster, better customer experience and we were very confident the court and the jury would see the difference. It's unfortunate we had to spend a tremendous amount of time, energy and resources defending ourselves; but, our incredible team stayed focused on our goal of providing our customers with the most innovative products and services in the industry. We're genuinely excited about empowering our customers and end users with continued innovation." Mr. Wilson also made special mention of his legal team, including Erik Milch - "Erik and the entire Cooley team were integral in guiding us through this process. We're grateful for their work and can't say enough about their professionalism and expertise."

To learn more about SecureNet, visit www.securenettech.com.

About SecureNet

SecureNet develops B2B software-as-a-service (SaaS) solutions for providers of interactive services in the security, smart home, MSO health & wellness and energy verticals.

CONTACT:

ben.jensen@securenettech.com

SOURCE: SecureNet

Copyright 2019 ACCESSWIRE. All Rights Reserved., source Press Releases

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Financials ($)
Sales 2018 409 M
EBIT 2018 79,7 M
Net income 2018 25,3 M
Finance 2018 57,4 M
Yield 2018 -
P/E ratio 2018 159,48
P/E ratio 2019 88,70
EV / Sales 2018 7,46x
EV / Sales 2019 6,83x
Capitalization 3 106 M
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 59,3 $
Spread / Average Target -8,4%
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Managers
NameTitle
Stephen S. Trundle President, Chief Executive Officer & Director
Timothy P. McAdam Chairman
Steve Valenzuela Chief Financial Officer
Jean-Paul Martin Chief Technology Officer
Donald E. Clarke Independent Director
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