SEATTLE, WA — March 14, 2017 — Verasonics, Inc. today reported that it was awarded an undisclosed amount in compensatory damages, including lost profits and exemplary damages, as well as injunctive relief from Alpinion Medical Systems Company, Ltd., headquartered in Seoul, South Korea. An arbitrator, in a binding arbitration in Washington State, issued a decision finding that Alpinion breached both non-disclosure and lease agreements between Verasonics and Alpinion and misappropriated Verasonics trade secrets. Alpinion is a subsidiary of ILJIN Holdings Co., Ltd.
“We are committed to protecting our intellectual property and we applaud the arbitrator’s decision,” said Lauren Pflugrath, President and CEO of Verasonics. “We are committed to developing and maintaining strong collaborative partnerships, but must insist on protecting our IP.”
Alpinion is enjoined from marketing or selling its research ultrasound product, the E-CUBE 12R, and any research ultrasound system derived from or based upon Verasonics’ trade secret information, and/or confidential information supplied under the non-disclosure agreement and/or lease agreement. Moreover, Alpinion is enjoined from using Verasonics’ trade secret information, and/or confidential information supplied under the non-disclosure agreement and/or lease agreement. Both injunctions are effective immediately for a period of five years.
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The arbitrator has requested additional briefing from the parties regarding pre-award interest and attorneys’ fees, costs and expenses.
About Verasonics, Inc.:
Verasonics is a privately held company founded in 2001, with headquarters in Kirkland, Washington, USA. Verasonics is the leader in research ultrasound and is focused on providing researchers and developers with the most advanced and flexible tools enabling them to develop new algorithms and products used in biomedical ultrasound, materials science, earth sciences, and the physics of acoustics and ultrasonics. Verasonics also licenses its technology to companies for use in their commercial products. Verasonics has customers located in 28 countries across North and South America, Europe, Asia and Australia.
