Shares of Taser International Inc. (TASR) are lower by 1.64% in late morning trading on Tuesday. The $771.92 million market cap company today responded to Digital Ally’s (DGLY) patent infringement lawsuit calling it “frivolous and egregious.”
In a lawsuit filed in the U.S. District Court for Kansas, Digital Ally — currently asserting infringement of its “the ‘292 patent” and seeking an injunction preventing Taser from selling its Axon Body Camera Product Line — argues that Scottsdale, Arizona-based Taser needed a solution to automate activation of its cameras and used Digital Ally’s process.
Doug Klint, Taser’s General Counsel stated, “TASER values patent rights, including those of our competitors, and as such, we use a best practice intellectual property (IP) clearance process before starting any technology project”. Klint added that “TASER has been very successful in defending litigation and we have prevailed in all previous patent lawsuits with competitors.” He concluded by saying, “[w]e believe we will prevail in this litigation as well.”
After falling to a $14.38 intraday low Taser shares recently traded at $14.39, putting them on track to extend their six-month slump of 58%.
The stock has a 52-week range of $14.25 to $35.95. TASR is down 42.01% year-over-year, compared with a 7.03% loss in the S&P 500.