Avery Dennison Corp 8-K, filed May 18, 2021
Avery Dennison Corp (AVY)
About this 8-K
Avery Dennison Corp filed this 8-K on May 18, 2021, reporting on events of May 14, 2021.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Section 8 – Other Events
Item 8.01 Other Events.
In a verdict issued on May 14, 2021 in the matter of ADASA Inc. v. Avery Dennison Corporation, in which ADASA Inc. (“Adasa”) brought an action against Avery Dennison Corporation (the “Company”) in the Federal District Court in Oregon (Eugene) alleging that two of the Company’s methods for encoding radio-frequency identification (RFID) tags infringe a U.S. patent assigned to Adasa, a jury found infringement and awarded Adasa damages in the amount of approximately $26.6 million, based on an assumed royalty rate on RFID tags sold beginning in October 2017. The Company strongly believes that Adasa’s patent is invalid and that, even if valid, it has not been infringed by the Company, as well as that the royalty rate used as the basis for the jury’s determination is unreasonable under prevailing industry standards. As such, the Company will appeal this decision.
The two methods at issue in this case impact a relatively small portion of the Company’s annual RFID tag sales volume. While the Company strongly disputes the merits of Adasa’s case, the Company is accelerating its continued migration to alternative encoding methods used in its other RFID tags.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVERY DENNISON CORPORATION | ||||||||
| Date: May 18, 2021 | By: | /s/ Ignacio J. Walker | ||||||
| Name: | Ignacio J. Walker | |||||||
| Title: | Vice President & Chief Legal Officer | |||||||