Nanoco Group PLC (LSE:NANO) shares jumped over 10% in early trading after being given a firm date of next month for its lawsuit against Samsung Electronics (KRX:005930) in the US.
The intellectual property (IP) litigation trial – centred around the tech giant's alleged wilful infringement of the IP for the UK company's cadmium-free quantum dots – has been placed first in the trial schedule that commences on Friday 6 January 2023, it said, and will last around five days.
As usual, a number of trials in the Texas courts are scheduled for the same date given that the majority of cases are settled before trial.
However, Nanoco said that as its trial has been set first in the schedule, it will not be dependent on other cases settling in order to proceed.
Chief executive Brian Tenner said: “There are now no administrative or legal hurdles to the trial going ahead. Assuming no settlement or other unforeseen event, we now expect to go to trial on 6 January 2023.
“We have maintained our team of witnesses and advisers in a high state of readiness for the last few months and this will continue until the trial is complete. We still expect that the trial will last five working days and therefore expect the jury to return a verdict around 12 January 2023.”
The US Patent Trial and Appeal Board ruled in favour of the UK company in May in all of its patent claims over the alleged wilful infringement of the IP for its cadmium-free quantum dots.