Markforged Holding Corporation (NYSE: MKFG), a leader in enhancing manufacturing resilience through on-demand industrial production, has announced the recent jury verdict in its ongoing patent dispute with Continuous Composites Inc. The verdict, delivered on April 11, 2024, by the U.S. District Court for the District of Delaware, ruled against Markforged, Inc., a subsidiary of the Company, awarding Continuous Composites $17.34 million in damages.
The legal dispute stems from a patent infringement lawsuit filed by Continuous Composites in July 2021. The jury found one of the two patent claims asserted by Continuous Composites to be invalid and not infringed, but ruled in favor of Continuous Composites on the other claim, resulting in the monetary damages awarded.
Markforged intends to challenge the verdict through post-trial motions with the District Court and explore all available options, including appeals. The Company strongly disagrees with the outcome and is committed to defending its position.
While assessing the verdict’s potential impact on its operations, Markforged remains optimistic about its future prospects. With a solid financial position, effective cost management, and a pipeline of innovative products, the Company is focused on advancing additive manufacturing adoption in industrial settings.
The press release also contains forward-looking statements, cautioning investors about potential risks and uncertainties. Markforged emphasizes that these statements are based on current information and projections, subject to change due to various factors. The Company pledges to update stakeholders on any developments in accordance with regulatory requirements.
