-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JjKH+YDZ+3oJuKc2hRduBzhhKMb3LN1iQ5oD2hx0R8eQze9FnuOQG3jTG/Pauk9f auJP+T5vNMzFnDq5s529cQ== 0000102198-02-000007.txt : 20020816 0000102198-02-000007.hdr.sgml : 20020816 20020816155545 ACCESSION NUMBER: 0000102198-02-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020813 ITEM INFORMATION: Other events FILED AS OF DATE: 20020816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPETITIVE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000102198 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 362664428 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08696 FILM NUMBER: 02741251 BUSINESS ADDRESS: STREET 1: 1960 BRONSON ROAD STREET 2: P.O. BOX 340 CITY: FAIRFIELD STATE: CT ZIP: 06430 BUSINESS PHONE: 2032256044 MAIL ADDRESS: STREET 1: 1960 BRONSON ROAD STREET 2: P.O. BOX 340 CITY: FAIRFIELD STATE: CT ZIP: 06430 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSITY PATENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 f8k_802.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 13, 2002 COMPETITIVE TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 1-8696 36-2664428 (State or other (Commission File (IRS Employer jurisdiction Number) Identification No. of incorporation) 1960 Bronson Road, Fairfield, Connecticut 06824 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 255-6044 1960 Bronson Road, Fairfield, Connecticut 06430 (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure. On August 13, 2002, the United States District Court judge for the District of Colorado awarded approximately $54 million, plus certain interest from January 1, 2002, to the University of Colorado Foundation and other plaintiffs in the MaternaTM patent infringement litigation. As a result of its contract with the University of Colorado Foundation, Competitive Technologies, Inc. (CTT) shares 18.2% of damages after attorneys' fees. If this judgment is not modified or appealed, CTT's share would be approximately $6 million plus its proportionate share of interest. Since the defendant may appeal this judgment, CTT is unable to predict when this lawsuit will finally be settled or when it will receive its share of damages finally awarded, if any. CTT has recorded no potential judgment proceeds in its financial statements to date. (See discussion of MaternaTM Litigation in Note 6 to CTT's Condensed Financial Statements in its report on Form 10-Q for the quarterly period ended April 30, 2002, for further information related to this lawsuit.) Item 7. Financial Statements and Exhibits. (c) Exhibits. Page 99.1 Registrant's press release dated August 14, 2002 3-4 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. COMPETITIVE TECHNOLOGIES, INC. Registrant Date: August 16, 2002 S/ Frank R. McPike, Jr. By: Frank R. McPike, Jr. Executive Vice President, Chief Financial Officer and Authorized Signer EX-99.1 4 ex99-1.txt Exhibit 99.1 CTT CLIENTS AWARDED OVER $54 MILLION AGAINST WYETH IN MATERNA LITIGATION CTT to Receive About $6 Million Fairfield, CT (August 14, 2002): Competitive Technologies, Inc. (AMEX: CTT) announced today that U.S. Senior District Court Judge John Kane of the US District Court for the District of Colorado yesterday issued a $54 million patent infringement judgment for fraud and unjust enrichment against Wyeth's (NYSE: WYE) American Cyanamid Co. unit, and in favor of CTT's client, the University of Colorado. The litigation involves a prenatal vitamin supplement marketed by Cyanamid under the MaternaTM name. A preliminary opinion issued in July 2000 found that Drs. Robert H. Allen and Paul A. Seligman, CTT's clients at the University of Colorado are the sole inventors of the improved formulation of the prenatal vitamin supplement. In the opinion Judge Kane stated, "I again find beyond a reasonable doubt that Cyanamid's clandestine and deceptive conduct relating to the application for and issuance of the '634 Patent, together with its exploitation of the doctors for its own gain, was attended by circumstances of fraud, malice and willful and wanton misconduct and that Drs. Allen and Seligman are entitled to an award of exemplary damages." Judge Kane indicated that the University and the citizens of Colorado are entitled to equitable relief and exemplary damages in the form of a disgorgement of Cyanamid's profits attributable to the exclusivity rights wrongfully secured and enforced against (Cyanamid's) competitors. CTT will receive 18.2% of the net proceeds, after attorney fees, recovered from Wyeth in this $54 million award. "We are pleased that the Court has found in favor of the University, the citizens of Colorado and the inventors in this long-standing litigation," said John B. Nano, President and CEO of CTT. "This judgment is the eighth consecutive successful enforcement achieved by CTT for its clients and shareholders." CTT hopes that Wyeth will not appeal this decision since the issue of conduct had already been appealed and the egregious conduct was reaffirmed by Judge Kane. CTT believes that any appeal from this second judgment could reflect current Wyeth management's lack of understanding of the facts of this case. CTT is hopeful, that in the light of other high-profile corporate scandals, Wyeth senior management will step forward and take the morally correct path. CTT believes that this is an era when corporate America needs to stand up for what is right and moral, and Wyeth owes justice to the citizens of Colorado, the University and the professors. About Competitive Technologies, Inc. Competitive Technologies, established in 1968, is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences, digital technologies and electronics. CTT's specialized expertise and experience make it a valuable partner to assist technology-rich universities, inventors and companies, of all sizes, to maximize the value of their intellectual assets. Visit CTT's website: www.competitivetech.net Statements about the Company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws and are not guarantees of future performance. These statements involve risks and uncertainties, including those set forth in Item 1 of the Company's most recent Form 10-K and in CTT's filings with the SEC, and are subject to change at any time. The Company's actual results could differ materially from these forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statement. Direct inquiries to: Johnnie D. Johnson, Strategic IR, Inc. E-mail: jdjohnson@strategic-ir.com Tel. (212) 754-6565; Fax (212) 754-4333 E-mail: ctt@competitivetech.net -----END PRIVACY-ENHANCED MESSAGE-----