Adeia Files Breach-of-Contract Lawsuit Against Shaw
- Adeia anticipates non-GAAP operating margin for 2023 to be at or above midpoint of outlook
- None.
SAN JOSE, Calif., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA) (“Adeia”), the company whose patented innovations shape the way the world explores and experiences entertainment, announced today that certain Adeia companies have filed a federal breach-of-contract lawsuit against Canada-based Shaw Cablesystems G.P. and Shaw Satellite G.P. (together, “Shaw”), in the Southern District of New York.
“Following its acquisition by Rogers Communications earlier this year, Shaw breached its obligations under its license agreement,” said Paul E. Davis, chief executive officer, Adeia. “We are disappointed that Shaw has refused to honor its license agreement or engage in business discussions to resolve this issue amicably, leaving Adeia with no choice but to bring the current lawsuit to enforce its contractual rights.”
The advanced research and development teams at Adeia have spent decades creating market-leading technologies for the media and entertainment industry. Adeia continues to invest in innovations that enhance the digital experiences of consumers around the world while adding value to the offerings its customers bring to market. To this end, Adeia is committed to protecting its rights by enforcing the terms of its license agreements.
“Despite Shaw’s breach, the company anticipates that its non-GAAP operating margin for 2023 will be at or above the midpoint of its previously provided annual financial outlook, with revenue being at the lower end of the range and non-GAAP operating expenses at the low end of the range,” said Davis.
About Adeia
Adeia is a leading R&D and intellectual property (IP) licensing company that accelerates the adoption of innovative technologies in the media and semiconductor industries. Adeia’s fundamental innovations underpin technology solutions that are shaping and elevating the future of digital entertainment and electronics. Adeia’s IP portfolios power the connected devices that touch the lives of millions of people around the world every day as they live, work and play. For more, please visit www.adeia.com.
Safe Harbor Statement
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For Information Contact:
Investor Relations
Chris Chaney
IR@adeia.com
Media Relations
Stephanie Stocker
Conveyor Marketing
marketing@adeia.com
