| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Athletic footwear maker Nike Inc (NYSE:NKE) has reportedly launched legal challenges against two of its industry competitors, New Balance and Skechers U.S.A., Inc (NYSE:SKX), alleging that they have encroached upon patented sneaker technology.
New Balance and Skechers stand accused of utilizing Nike's "Flyknit" technology, a method of constructing the upper parts of athletic shoes, which Nike claims to have innovated for activities ranging from running to basketball, reported Reuters.
Nike has accused New Balance's athletic footwear from Fresh Foam, FuelCell and other lines, alongside Skechers' Ultra Flex and Glide Step brands, might be incorporating elements of the patented technique.
Nike's has a history of defending the "Flyknit" patents, previously entangling with Adidas AG (OTC:ADDYY) and Puma SE (OTC:PUMSY) in similar disputes. While those cases have found resolution through settlements, Nike's contest with Lululemon Athletica Inc (NASDAQ:LULU) has not been resolved yet.
The report noted New Balance, headquartered in Boston, in its response to the allegation, said that it "fully respects competitors' intellectual property rights, but Nike does not own the exclusive right to design and produce footwear by traditional manufacturing methods that have been used in the industry for decades."
Nike's "Flyknit" utilizes high-strength fibers to craft uppers that offer support, flexibility, and ventilation while minimizing material waste.
The footwear giant has reportedly demanded financial reparations for the alleged patent breaches and has urged the courts to enforce a permanent injunction to prevent further infringement by New Balance and Skechers.
Price Action: NKE shares closed higher by 0.18% at $107.25 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Company
