LAVVAN, Inc. Files $881 Million Federal Lawsuit Against Amyris, Inc. For Patent Infringement and Trade Secret Misappropriation
LAVVAN, Inc. filed an $881 million lawsuit against Amyris (Nasdaq: AMRS) for allegedly using LAVVAN's intellectual property and misappropriating trade secrets.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
LAVVAN, Inc. filed an $881 million lawsuit against Amyris (Nasdaq: AMRS) for allegedly using LAVVAN's intellectual property and misappropriating trade secrets. The case, filed in the Southern District of New York, stems from a 2019 collaboration agreement that LAVVAN claims Amyris has violated. LAVVAN seeks damages for trade secret misappropriation and patent infringement, as well as a permanent injunction against Amyris's use of its intellectual property.
Positive
- LAVVAN is determined to protect its intellectual property rights through legal actions.
- The lawsuit highlights LAVVAN's commitment to the biosynthetic cannabinoid market, potentially strengthening its market position.
Negative
- Potentially damaging legal battle could distract from LAVVAN's business operations.
- If Amyris is found to have infringed, it could impact future collaborations in the industry.
Details
News Market Reaction – AMRS
The recorded move for AMRS in the trading session of this news was +0.64%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Sept. 10, 2020 /PRNewswire/ -- LAVVAN, Inc. ("LAVVAN") today announced that it has filed an
"LAVVAN owns exclusive rights to the intellectual property which Amyris is wrongfully using in connection with their development, testing and production of biosynthetic cannabinoids, including CBG," said LAVVAN CEO Neil Closner. "Amyris has falsely claimed that our agreement permits them to engage in these activities, but it plainly does not. We are very disappointed that we have had to take this step, but through a history of erratic and egregious conduct, Amyris has demonstrated a willful intention to undermine the agreement. This has left LAVVAN with no choice but to vigorously pursue all legal avenues available to protect its rights."
LAVVAN and Amyris signed a Research, Collaboration and License Agreement ("Agreement") in March 2019 and LAVVAN made the initial payment under the Agreement in May 2019. "LAVVAN assembled a world class team and has been eager to lead the multi-billion-dollar biosynthetic cannabinoid market," Closner stated. "But rather than fulfill its obligations to LAVVAN under the Agreement, Amyris has decided to transform from partner to direct competitor, in flagrant violation of LAVVAN's rights." At no point has Amyris achieved a single subsequent milestone under the Agreement, nor has any milestone payment ever been owing by LAVVAN.
LAVVAN is seeking damages for Amyris's misappropriation of trade secrets and patent infringement, as well as a permanent injunction to prevent Amyris from wrongfully using LAVVAN's trade secrets and other intellectual property, among other relief.
About LAVVAN, Inc.
LAVVAN, Inc. is at the forefront of biosynthetic cannabinoids, utilizing yeast fermentation technology to produce high-quality and reliably sourced cannabinoids for a range of end markets.
For more information visit lavvan.com.
Media Relations:
Stu Loeser & Co.
(646) 650-5503
lavvan@stuloeser.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/lavvan-inc-files-881-million-federal-lawsuit-against-amyris-inc-for-patent-infringement-and-trade-secret-misappropriation-301127953.html
SOURCE LAVVAN, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.