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Technology Stocks : Verity (VRTY) -- Ignore unavailable to you. Want to Upgrade?

To: Sea Otter who wrote (641)	3/11/1998 9:34:00 AM
From: kech	Read Replies (2) \| Respond to of 1011

Does this pretty much end the hope that the relationship with Lotus was going to be a fruitful one? News Alert from BusinessWire via Quote.com Topic: (NASDAQ:VRTY) Verity Inc, Quote.com News Item #5714918 Headline: Verity Sues Lotus for Breach of Contract, Copyright Infringement and Unfair Competition ====================================================================== SUNNYVALE, Calif.--(BUSINESS WIRE)--March 11, 1998--Verity, Inc. (NASDAQ:VRTY) today announced that it has filed a lawsuit in the United States District Court for the District of Delaware against Lotus Development Corporation for copyright infringement, unfair competition, breach of contract, misappropriation of trade secrets, and unjust enrichment and conversion. The suit alleges breach of a 1992 license agreement between Verity and Lotus in which Verity licensed certain search software to Lotus. The suit seeks injunctive relief and damages, among other remedies. Verity also announced that it has elected to terminate the agreement due to Lotus' breach. Amounts payable by Lotus to Verity under the terms of the agreement are not material. Verity is a leading provider of software tools and applications that permit searching, retrieving and filtering across the Internet, the enterprise and CDROM. According to the complaint, Lotus, in violation of the license agreement, threatens and has commenced to breach that agreement by using Verity's software far outside the scope permitted by its contract with Verity. Lotus has announced publicly its intent to offer advanced Verity search features, functionalities and other products that Verity claims are outside of Lotus' license rights. The features and products that Verity alleges that Lotus is intending to use in violation of that agreement and of Verity's copyrights include various advanced features used for viewing and retrieving documents, as well as various filters used in the search and indexing processes. Verity's complaint alleges that Lotus does not have the right to those advanced features and products, or to make available to consumers any of the features allowing for searches outside of the Lotus Notes environment.