I follow AVNT since the clashes and A. Reports
A bounce in a beaten stock is frequent and in the case of AVNT accompanied with the usual "breaking" news.
biz.yahoo.com
In the Cadence related news on 17-8-1998 is:
(http://biz.yahoo.com/prnews/980817/ca_avant_c_1.html)
FREMONT, Calif., Aug. 17 /PRNewswire/ -- Avant! Corporation (Nasdaq: AVNT - news) today announced that it filed a response to a motion by Cadence Design Systems, Inc. to enjoin Aquarius, an earlier generation place and route product that is no longer sold by Avant!. In its response filed on August 14, Avant! presented evidence which refutes Cadence's allegations that Aquarius contains Cadence's intellectual property.
This most recent effort by Cadence's is the second time it has tried to enjoin Aquarius. The court rejected Cadence's previous motion on May 21, 1998.
''Just like its previous attempt to enjoin Aquarius, Cadence's motion fails in every respect. Cadence's argument rests on an incomplete and seriously inaccurate comparison of source code that finds similarities where none exists and ignores the obvious public sources of these functions. When the code of Aquarius is examined closely, there is no
substantial similarity between it and any product of Cadence,'' stated David Stanley, Avant! General Counsel."
But the 10-k sees it more unbiased:
"The Company believes it has defenses to all of Cadence's claims and intends to defend itself vigorously. If, however, the Company's defenses are unsuccessful, the Company may ultimately be permanently enjoined from selling certain place and route products and may be required to pay damages to Cadence. In addition, upon further consideration by the District Court, the Company could be preliminarily enjoined from selling its Aquarius or Apollo place and route products. In such event, the Company's business, financial condition and results of operations would be materially adversely affected. In addition, it is likely that an adverse judgment against the Company would result in a steep decline in the market price of the Company's Common Stock. Although it is reasonably possible the Company may incur a loss upon conclusion of these claims, an estimate of any loss or range of loss cannot be made, based on information the Company presently possesses. There can be no assurance that an adverse
judgement, if granted on any claim would not have a material adverse effect on the Company's business, financial position or results of operations.
Furthermore, there can be no assurance that the Company's relationships with its customers and/or partners will not be adversely affected in the future as a result of the Cadence litigation."
(http://www4.edgar-online.com/brand/yahoo/gdoc/?choice=2-1110418&nad=0)
This is the one where it hase to defend Cadence amongst a boatload of other litigations.
They are toast.
Christian |
