Boston, MA 05/28/2014 (wallstreetpr) – Intellectual property company, Spherix Inc. (NASDAQ:SPEX), is surging in early-morning trading session after the U.S senate removed a patent bill from its agenda citing lack of bipartisan support. The bill was designed to address patent trolls especially on companies with the sole objective of acquiring patents to file lawsuits against other companies.
Bill Lacked Enough Support
The Bill according to senate was shelved as it lacked the required support from competing companies on both sides of the divide. A window is still opened for concerned parties to return the bill back to the senate subject to attaining targeted agreement. Parties in support of the bill were in agreement that the bill would have curtailed frivolous lawsuits normally brought forward by patent trolls.
Proponents of the bill argued that the bill under its current state would have caused obstacles to small investors trying to defend their innovations against well-funded companies. The ruling by senate follows the company announcing it had begun a litigation case against Juniper Networks, Inc. (NYSE:JNPR) in the U.S district court of Delaware. Spherix alleges that Juniper infringed five of its patents.
Spherix- JuniperLitigation Case
Patents subject to the litigation case were developed by Nortel networks that were acquired in 2013 by Spherix. The technology that is causing the uproar entails routers and switches sold by Juniper. Spherix attests that Juniper’s infringement has been and continues to be substantial. Spherix alleges that Juniper’s revenue of $2.24 billion from routers, $638 million from switches and $790 million were made possible by the patents infringed.
Spherix Inc. (NASDAQ:SPEX)’s through its CEO maintains that its latest move to pursue a litigation case is one of its efforts to monetize intellectual property developed by Nortel Networks. To date, Spherix Inc. (NASDAQ:SPEX) has filed infringement cases against Cisco Systems, Inc. (NASDAQ:CSCO), AT&T Inc. (NYSE:T), Uniden and T-Mobile US Inc (NYSE:TMUS). The company had earlier announced it had opted to retain law firm of Kenyon and Kenyon LLP as it looks to assist the latter in monetization of patents acquired from Rockstar Consortium.
