White et al v. West Publishing Corporation et al

Filing 48

DECLARATION of David Blackburn in Support re: 46 MOTION for Summary Judgment.. Document filed by West Publishing Corporation. (Attachments: # 1 Exhibit A)(Rich, Robert)

Download PDF
(;+,%,7 $ 81,7(' 67$7(6 ',675,&7 &2857 6287+(51 ',675,&7 2) 1(: <25. (GZDUG / :KLWH 3& 3ODLQWLII Y &DVH 1XPEHU FY -65 :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´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³:HVW´ DQG /H[LV1H[LV D GLY RI 5HHG (OVHYLHU ,QF ³/H[LV´  WR SURYLGH DQ HFRQRPLF RSLQLRQ UHODWLQJ WR FHUWDLQ FODLPV PDGH E\ (GZDUG / :KLWH 3& ³:KLWH´  , XQGHUVWDQG WKDW :KLWH DOOHJHV WKDW :HVW DQG /H[LV KDYH LQIULQJHG :KLWH¶V FRS\ULJKWV E\ FRS\LQJ ZRUNV FRYHUHG E\ 86 &RS\ULJKW 5HJLVWUDWLRQ 1XPEHU 7; DQG 5HJLVWUDWLRQ 1XPEHU 7; FROOHFWLYHO\ WKH ³ZRUNV DW LVVXH´  ,Q SDUWLFXODU , KDYH EHHQ DVNHG WR DVVHVV FHUWDLQ HFRQRPLF IDFWRUV UHOHYDQW WR /H[LV¶V DQG :HVW¶V DOOHJHG XVH RI WKH ZRUNV DW LVVXH DQG WKH HIIHFW LI DQ\ RI WKLV DOOHJHG XVH RQ WKH DFWXDO RU SRWHQWLDO PDUNHW IRU RU YDOXH RI WKH ZRUNV DW LVVXH , KDYH DOVR EHHQ DVNHG E\ FRXQVHO IRU /H[LV DQG :HVW WR SUHSDUH D UHSRUW VXPPDUL]LQJ P\ RSLQLRQV LQ WKLV UHVSHFW  , DP DQ DSSOLHG PLFURHFRQRPLVW DQG 9LFH 3UHVLGHQW IRU 1(5$ (FRQRPLF &RQVXOWLQJ ³1(5$´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¶V UHYLHZ DQG DQDO\VLV RI GHSRVLWLRQV DQG GRFXPHQWV SURGXFHG LQ WKLV OLWLJDWLRQ DQG GLVFXVVLRQV ZLWK  (GZDUG / :KLWH 3& Y :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &9  -65  $PHQGHG &RPSODLQW -XQH   ³$PHQGHG &RPSODLQW´   1(5$ LV ELOOLQJ /H[LV DQG :HVW IRU P\ VHUYLFHV DW P\ FXVWRPDU\ ELOOLQJ UDWH RI  SHU KRXU DQG WKH KRXUV RI DQ\ RWKHU 1(5$ HFRQRPLVWV DW WKHLU FXVWRPDU\ UDWHV 1HLWKHU P\ QRU 1(5$¶V FRPSHQVDWLRQ GHSHQGV RQ WKH RXWFRPH RI WKLV PDWWHU  1(5$ UHYLHZHG WUDQVFULSWV IRU WKH IROORZLQJ GHSRVLWLRQV 'HSRVLWLRQ RI /HLJK $QQH %HDXFKDPS $XJXVW   ³%HDXFKDPS 'HSRVLWLRQ´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¶V H[SHUWV  %DVHG RQ P\ UHVHDUFK DQG WKH LQIRUPDWLRQ DYDLODEOH WR PH WR GDWH , FRQFOXGH x 7KH IHDWXUHV RI WKH SURGXFW RIIHULQJV IURP /H[LV DQG :HVW WKH GDWDEDVH SURGXFWV ZKLFK KDYH LQFOXGHG WKH HQKDQFHG YHUVLRQV RI WKH EULHIV DUH VXIILFLHQWO\ GLIIHUHQW IURP WKH ZRUNV DW LVVXH LQ WHUPV RI IXQFWLRQDOLW\ DQG XVH WKDW DV D PDWWHU RI HFRQRPLFV WKH /H[LV DQG :HVW SURGXFWV UHSUHVHQW GLVWLQFW SURGXFWV WKDW GR QRW FRPSHWH ZLWK RU VXSHUVHGH WKH ZRUNV DW LVVXH x /H[LV DQG :HVW FXVWRPHUV GR QRW SXUFKDVH WKH %ULHIV 3OHDGLQJV DQG 0RWLRQV ³%30´ SURGXFW IURP /H[LV RU WKH 3OHDGLQJV 0RWLRQV DQG 0HPRUDQGD ³300´ SURGXFW IURP :HVW LQ RUGHU WR JDLQ DFFHVV WR DQ\ SDUWLFXODU EULHI RU RWKHU GRFXPHQW LQFOXGLQJ WKH ZRUNV DW LVVXH 5DWKHU FXVWRPHU GHPDQG H[LVWV IRU WKH %30 DQG 300 SURGXFWV WKHPVHOYHV ± DQG IRU WKH SDUWLFXODU IHDWXUHV RI WKRVH SURGXFWV x %ULHIV VXFK DV WKH ZRUNV DW LVVXH DUH FUHDWHG WR SURYLGH OHJDO VHUYLFHV IRU FOLHQWV DQG WKHUH LV QR HYLGHQFH WR VXJJHVW WKDW WKH FRQGXFW RI /H[LV RU :HVW KDV KDG DQ\ HIIHFW RQ WKH PDUNHW IRU OHJDO VHUYLFHV 0RUHRYHU DV 0U :KLWH KDV KLPVHOI PDGH FOHDU WKHUH LV QR VHFRQGDU\ PDUNHW IRU OLFHQVLQJ EULHIV QRU LV WKHUH DQ\ UHDVRQ WR 3K' 6HSWHPEHU   URXJK WUDQVFULSW ³+LJK 'HSRVLWLRQ´  'HSRVLWLRQ RI 7RP /HLJKWRQ $XJXVW   ³/HLJKWRQ 'HSRVLWLRQ´  'HSRVLWLRQ RI (GZDUG / :KLWH $XJXVW   ³:KLWH 'HSRVLWLRQ´   , VSRNH ZLWK /HLJK $QQH %HDXFKDPS 'LUHFWRU RI &RQWHQW 'HYHORSPHQW DW /H[LV RQ 6HSWHPEHU   &21),'(17,$/  EHOLHYH WKDW DEVHQW /H[LV¶V DQG :HVW¶V HQKDQFHPHQW RI WKH ZRUNV DQ\ VXFK VHFRQGDU\ PDUNHW ZRXOG H[LVW 7KXV /H[LV DQG :HVW GR QRW QHJDWLYHO\ DIIHFW DQ\ DFWXDO RU SRWHQWLDO PDUNHW IRU WKH ZRUNV DW LVVXH x ,Q VKRUW WKHUH LV QR HYLGHQFH WKDW /H[LV¶V DQG :HVW¶V XVH RI WKH ZRUNV DW LVVXH KDV UHVXOWHG LQ DQ\ KDUP WR HLWKHU WKH YDOXH RI WKRVH ZRUNV RU DQ\ SRWHQWLDO PDUNHW IRU WKHP ,, 7KH :RUNV DW ,VVXH DQG WKH /H[LV DQG :HVW 3URGXFWV  $V , GHVFULEHG DERYH , XQGHUVWDQG WKDW :KLWH LV WKH RZQHU RI WZR FRS\ULJKWHG ZRUNV ZKLFK LW DOOHJHV DUH LQIULQJHG E\ /H[LV DQG :HVW ,Q SDUWLFXODU , XQGHUVWDQG WKDW WKHVH ZRUNV LQFOXGH D ³3ODLQWLIIV¶ &RPELQHG 0RWLRQ IRU 6XPPDU\ -XGJPHQW )RU 3ODLQWLIIV %HHU DQG 5DPVH\ $QG %ULHI ,Q 6XSSRUW´ ILOHG RQ 0D\   DQG UHJLVWHUHG RQ 0D\   86 &RS\ULJKW 5HJLVWUDWLRQ 7; WKH ³6XPPDU\ -XGJPHQW 0RWLRQ´  DQG E ³3ODLQWLIIV¶ 0RWLRQ ,Q /LPLQH´ ILOHG RQ 0DUFK   DQG UHJLVWHUHG RQ 0D\   86 &RS\ULJKW 5HJLVWUDWLRQ 7; WKH ³0RWLRQ ,Q /LPLQH´  , XQGHUVWDQG WKDW ERWK RI WKHVH ZRUNV UHODWH WR D FRXUW FDVH LQ WKH 8QLWHG 6WDWHV 'LVWULFW &RXUW IRU WKH :HVWHUQ 'LVWULFW RI 2NODKRPD FDSWLRQHG /DGHQH 5DPVH\ %HHU HW DO Y ;72 (QHUJ\ ,QF IND &URVV 7LPEHUV 2LO &RPSDQ\ &DVH 1R &,9/ ³%HHU´   %RWK /H[LV DQG :HVW SURYLGH D QXPEHU RI SURGXFWV DQG VHUYLFHV DLPHG DW WKH OHJDO FRPPXQLW\ /H[LV IRU H[DPSOH RIIHUV OH[LVFRP DQG /H[LV $GYDQFH ZKLFK SURYLGH DFFHVV WR  $PHQGHG &RPSODLQW ([KLELW $ 3  $PHQGHG &RPSODLQW ([KLELW $ 3  3 3 , XQGHUVWDQG WKDW VXEVHTXHQW WR WKH ILOLQJ RI WKHVH ZRUNV WKH FRXUW GHWHUPLQHG WKDW :KLWH ZDV QR ORQJHU DGHTXDWH FRXQVHO WR WKH FODVV DQG WKH FDVH SURFHHGHG ZLWK GLIIHUHQW FRXQVHO DQG GLIIHUHQW QDPHG SODLQWLIIV >:KLWH 'HSRVLWLRQ SS  @ &21),'(17,$/  FDVH ODZ QHZV DQG EXVLQHVV FRQWHQW SXEOLF UHFRUGV DQG RWKHU UHODWHG FRQWHQW /H[LV SURYLGHV  ELOOLRQ SXEOLF UHFRUGV LQFOXGLQJ DFFHVV WR PRUH WKDQ  PLOOLRQ GRFNHWV LQFOXGLQJ DSSUR[LPDWHO\  PLOOLRQ EULHIV PRWLRQV DQG RWKHU OLWLJDWLRQ FRQWHQW , XQGHUVWDQG WKDW WKH ZRUNV DW LVVXH ZHUH DW RQH SRLQW DYDLODEOH WKURXJK /H[LV¶V %30 SURGXFW WKURXJK OH[LVFRP DQG /H[LV $GYDQFH $FFHVV WR WKLV SURGXFW LV DYDLODEOH YLD D YDULHW\ RI VXEVFULSWLRQ SDFNDJHV  6LPLODUO\ :HVW RIIHUV D YDULHW\ RI VXEVFULSWLRQ RSWLRQV WR LWV RIIHULQJ RI OHJDO UHVHDUFK FDVH ODZ DQG UHODWHG PDWHULDOV :HVW¶V ZHVWODZFRP DQG :HVWODZ1H[W VHUYLFHV RIIHU DFFHVV WR :HVW¶V FROOHFWLRQ RI FDVH ODZ DQG UHODWHG PDWHULDOV IRU UHOHYDQW FRQWHQW ZKLFK FDQ EH VRUWHG DFFHVVHG DQG XVHG LQ D YDULHW\ RI ZD\V :HVW SURYLGHV DFFHVV WR PRUH WKDQ  PLOOLRQ DSSHOODWH EULHIV DQG PRUH WKDQ  PLOOLRQ WULDO GRFXPHQWV 7KHVH EULHIV DQG WULDO GRFXPHQWV DUH DYDLODEOH LQ :HVW¶V 300 SDFNDJH ZKLFK OLQNV WRJHWKHU GRFNHWV EULHIV SOHDGLQJV FDVHV DQG RWKHU GRFXPHQWV  %RWK /H[LV DQG :HVW DFTXLUH WKLV FRQWHQW WKURXJK D YDULHW\ RI PHDQV LQFOXGLQJ VXEVFULSWLRQV ZLWK FRXUWV DFFHVV WR 3$&(5 3XEOLF $FFHVV WR &RXUW (OHFWURQLF 5HFRUGV  DV ZHOO DV SK\VLFDOO\ DFTXLULQJ SDSHU GRFXPHQWV IURP YDULRXV FRXUWV 2QFH D GRFXPHQW LV DFTXLUHG IRU /H[LV¶V %30 SURGXFW /H[LV VXEMHFWV LW WR D GHWDLOHG SURFHVV RI LQWHJUDWLRQ LQWR LWV V\VWHP LQFOXGLQJ FRQYHUVLRQ WR D WH[WVHDUFKDEOH IRUPDW OLQNLQJ WR DQG IURP UHODWHG GRFXPHQWV HGLWRULDO FODVVLILFDWLRQ HIIRUWV DQG WKH OLNH :HVW XQGHUWDNHV D VLPLODU SURFHVV WR DFTXLUH FRQYHUW DQG SURFHVV WKH VRFDOOHG ³UHODWHG FRQWHQW´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³YDVW PDMRULW\´ RI %30 GRFXPHQWV ZHUH DFFHVVHG E\ ODZ VWXGHQWV  6LPLODUO\ :HVW RIIHUV SDFNDJHV DQG SULFLQJ WKDW IDOO LQWR WKUHH PDMRU FDWHJRULHV PRQWKO\ IHHV RIWHQ DV D SDUW RI D ELJJHU SDFNDJH  IHHV EDVHG RQ VHDUFKHV RU KRXUV XVHG DQG D SHUGRFXPHQW IHH VWUXFWXUH :KHQ FKDUJLQJ RQ D SHUGRFXPHQW EDVLV :HVW¶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³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &DVH 1R  &LY  -65  3ODLQWLIIV¶ 5HVSRQVH WR 'HIHQGDQW :HVW 3XEOLVKLQJ &RUSRUDWLRQ¶V ³:HVW´ )LUVW 6HW RI ,QWHUURJDWRULHV -XQH   ³:HVW 1DUUDWLYH 5HVSRQVH´  SS   :HVW 1DUUDWLYH 5HVSRQVH S   6HH IRU H[DPSOH :(67 :(67 /1 /1 6HH DOVR DJDLQ IRRWQRWHV  DQG  &21),'(17,$/  WKHP WH[W VHDUFKDEOH OLQN WKHP WR FDVH ODZ FLWHG ZLWKLQ DV ZHOO DV WR RWKHU GRFXPHQWV RSLQLRQV DQG EULHIV LQ WKH FDVH DQG OLQN WR WKH EULHIV IURP RWKHU GRFXPHQWV LQ WKH FDVH /H[LV DQG :HVW DOVR LQFOXGH RQO\ WKRVH EULHIV WKDW LQ WKHLU MXGJPHQW ZLOO LQFUHDVH WKH YDOXH RI WKH SURGXFW RIIHULQJV /H[LV¶V DQG :HVW¶V GDWDEDVHV DOORZ XVHUV WR VHDUFK IRU VSHFLILF ODQJXDJH DFURVV PLOOLRQV RI FRXUW GRFXPHQWV VLPXOWDQHRXVO\ ,QGHHG 0U :KLWH WHVWLILHG WKDW LW LV WKHVH HQKDQFHPHQWV VXFK DV WKH DELOLW\ WR VHDUFK WH[W DQG ³SXOO XS D ZKROH VHW RI EULHIV´ WKDW ³XQGHUFXWV >KLV@ DELOLW\ WR SUDFWLFH´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± SXW VLPSO\ WKH VWXG\ RI ILUPV DQG PDUNHW EHKDYLRU ± KDV UHFRJQL]HG WKDW SURGXFWV DUH RIWHQ EHVW UHSUHVHQWHG DV D EXQGOH RI SDUWLFXODU FKDUDFWHULVWLFV ,Q WKLV VHQVH WZR FDQGLGDWH SURGXFWV FDQ EH WKRXJKW WR EH GLIIHUHQW SURGXFWV LI WKH\ RIIHU GLIIHUHQW EXQGOHV RI SURGXFW FKDUDFWHULVWLFV 6XFK D GHILQLWLRQ KRZHYHU PD\ FUHDWH WRR ILQH D OLQH EHWZHHQ SURGXFWV ± D OLWHU ERWWOH RI &RFD &ROD IRU H[DPSOH ZRXOG EH D GLIIHUHQW SURGXFW WKDQ D OLWHU ERWWOH RI &RFD&ROD 7LPRWK\ %UHVQDKDQ RI 6WDQIRUG 8QLYHUVLW\ DQG 5REHUW *RUGRQ RI 1RUWKZHVWHUQ 8QLYHUVLW\ KDYH DUJXHG WKDW QHZ JRRGV FDQ EH GLVWLQJXLVKHG DV JRRGV ZKLFK KDYH QR JRRG VXEVWLWXWHV DQG E\ WKH H[WHQW WR ZKLFK WKH\ VDWLVI\ FXVWRPHU QHHGV QRW DOUHDG\ SURYLGHG IRU LQ WKH PDUNHW DW OHDVW QRW ZHOO SURYLGHG  >7LPRWK\ ) %UHVQDKDQ DQG 5REHUW - *RUGRQ ³,QWURGXFWLRQ´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± WKH PDUNHW IRU OHJDO VHUYLFHV ± IRU ZKLFK WKH ZRUNV ZHUH LQLWLDOO\ FUHDWHG 7KH ZRUNV DW LVVXH ZHUH FUHDWHG WR SURYLGH D OHJDO VHUYLFH WR :KLWH¶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± DQG IRU WKH SDUWLFXODU IHDWXUHV RI WKRVH SURGXFWV LQFOXGLQJ WKH YROXPH RI EULHIV LQ WKH GDWDEDVHV ,QGHHG D  DQDO\VLV E\ /H[LV LQGLFDWHV WKDW RQO\  SHUFHQW RI WKH GRFXPHQWV LQ WKH %30 SURGXFW KDG EHHQ DFFHVVHG DW DOO WKDW  :KLWH 'HSRVLWLRQ SS    0U :KLWH WHVWLILHG WKDW KH WKRXJKW LW ZDV SRVVLEOH WKDW VRPH DWWRUQH\V PD\ EH EHWWHU SRVLWLRQHG WR FRPSHWH ZLWK KLP EHFDXVH KLV EULHIV PD\ EH DFFHVVLEOH WKURXJK /H[LV RU :HVW >:KLWH 'HSRVLWLRQ SS @ ,Q P\ RSLQLRQ LW LV XQOLNHO\ WKDW WKH DYDLODELOLW\ RI :KLWH¶V EULHIV RQ /H[LV RU :HVW KDV DQ\ VXFK HIIHFW (YHQ LI EULHIV FRXOG SURYLGH VXFK DQ DGYDQWDJH :KLWH¶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± DQG GHVSLWH WKH DGGLWLRQDO IHDWXUHV DGGHG WR WKH GRFXPHQWV LQ WKH %30 SDFNDJH ±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± RU RWKHU GRFXPHQWV LQ %30 ± DUH QRW DFFHVVHG RIWHQ 7KH DYDLODELOLW\ RI VR PDQ\ EULHIV DQG RWKHU GRFXPHQWV DQG WKH UHVXOWLQJ DELOLW\ WR VHH PXOWLSOH EULHIV RQ WKH VDPH WRSLF LV RQH RI WKH IHDWXUHV PDUNHWHG E\ /H[LV DQG :HVW )RU H[DPSOH WKH ODUJH QXPEHU RI EULHIV PD\ DOORZ XVHUV WR YHULI\ WKH DFFXUDF\ RI DQ DUJXPHQW RU FDVH FLWDWLRQ LQ D EULHI E\ VHHLQJ WKH VDPH DUJXPHQW RU FLWDWLRQV UHSHDWHG LQ RWKHU EULHIV 6LPLODUO\ E\ EHLQJ DEOH WR FOLFN GLUHFWO\ RQ FLWHG FDVH ODZ WKH  /1  7KHUH ZHUH  DFFHVVHV IURP ³/DUJH /DZ´ ILUPV DQG  DFFHVVHV IURP ³6PDOO /DZ´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³ZRXOGQ¶W XVH %30¶V LI WKH\ ZHUHQ¶W HGLWRULDOO\ VHOHFWHG« %30¶V ZRXOG EH µZRUWKOHVV¶ LI WKHUH ZDV QR UHYLHZ SURFHVV´ 7KLV HGLWRULDO FRQWHQW ± LGHQWLI\LQJ SRWHQWLDOO\ UHOHYDQW GRFXPHQWV DQG SURYLGLQJ WKHP WR FXVWRPHUV ±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³WKHUH DUH PRUH GRFXPHQWV WKDQ , FDQ UHDG´ DQG ³WLPH LV LPSRUWDQW´ DQG FXVWRPHUV DUH ³KDSS\ WR KHDU WKDW >/H[LV@ ILOWHU>V@ RXW µMXQN¶ GRFXPHQWV´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¶V RU :HVW¶V FXVWRPHUV KDYH DQ\ GHVLUH WR SXUFKDVH RU OLFHQVH LQGLYLGXDO FRSLHV RI WKH ZRUNV DW LVVXH )RU H[DPSOH WKH ³6XPPDU\ -XGJPHQW 0RWLRQ´ ZDV DFFHVVHG WKURXJK /H[LV RQO\ RQH WLPH E\ D ODZ ILUP XVHU RQ 0DUFK   ZKLFK ZDV DIWHU WKH LQLWLDO ILOLQJ RI WKLV ODZVXLW DQG WKHUHIRUH PD\ EH D UHVXOW RI WKH EULHI EHLQJ LGHQWLILHG LQ WKH FRPSODLQW 7KH ³0RWLRQ ,Q /LPLQH´ ZDV DFFHVVHG WKURXJK /H[LV D WRWDO RI QLQH WLPHV ± VHYHQ WLPHV RQ WKH VDPH GD\ LQ WKH VSDQ RI DERXW  PLQXWHV IURP WKH VDPH ORFDWLRQ XVLQJ DQ DFFRXQW DW 2NODKRPD &LW\ 8QLYHUVLW\ DQG RQFH HDFK RQ 1RYHPEHU   DQG $SULO   E\ LQGLYLGXDOV DW ODZ ILUPV +RZHYHU WKH RQO\ DFFHVV WKDW ZDV WKH UHVXOW RI D GLUHFW UHTXHVW IRU WKH VSHFLILF GRFXPHQW UDWKHU WKDQ WKURXJK D JHQHUDO VHDUFK ZDV WKH VLQJOH DFFHVV WR WKH ³6XPPDU\ -XGJPHQW 0RWLRQ´ ZKLFK DV QRWHG PD\ EH D UHVXOW RI WKLV ODZVXLW 7KXV WKHUH DSSHDUV WR KDYH EHHQ DW PRVW RQH DFFHVV RI WKH ZRUNV DW LVVXH WKDW ZDV VSHFLILFDOO\ UHTXHVWHG DQG WKXV FRXOG KDYH EHHQ SUHVXPDEO\ GXSOLFDWHG ZLWK OLWWOH HIIRUW YLD D 3$&(5 VHDUFK DQG ZKDW LV HVVHQWLDOO\ WKUHH VHDUFKHV WKDW DSSDUHQWO\ UHVXOWHG IURP D JHQHUDO VHDUFK WKDW PD\ QRW KDYH UHVXOWHG LQ DQ DFFHVV RI WKH ZRUNV DW LVVXH LI WKH\ ZHUH QRW LQFOXGHG LQ /H[LV¶V VHDUFKDEOH GDWDEDVH  /1[OV (GZDUG / :KLWH (GZDUG / :KLWH 3& DQG .HQQHWK (ODQ RQ EHKDOI RI WKHPVHOYHV DQG DOO RWKHUV VLPLODUO\ VLWXDWHG Y :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &DVH 1R &9 -65  &ODVV $FWLRQ &RPSODLQW )HEUXDU\    /1[OV 'HFODUDWLRQ RI %UHWW %RJDQ , XQGHUVWDQG WKDW WKLV OLVWLQJ H[FOXGHV DQ\ DFFHVV E\ FRXQVHO LQ WKLV PDWWHU  , XQGHUVWDQG WKDW WKH ³6XPPDU\ -XGJPHQW 0RWLRQ´ KDV EHHQ DFFHVVHG ILYH WLPHV YLD :HVW¶V SURGXFWV DQG WKH ³0RWLRQ ,Q /LPLQH´ KDV EHHQ DFFHVVHG VHYHQ WLPHV YLD :HVW¶V SURGXFWV &21),'(17,$/   7KHVH DFFHVV UHFRUGV ± DQG WKH JHQHUDO DFFHVV UHFRUGV IRU %30 DQG 300 GRFXPHQWV GLVFXVVHG DERYH ±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¶V DQG :HVW¶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³0RWLRQ ,Q /LPLQH´ DSSHDUV WR KDYH EHHQ  SDJHV ORQJ RU  ZKLOH WKH ³6XPPDU\ -XGJPHQW 0RWLRQ´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¶V DQG :HVW¶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¶V DQG :HVW¶V GHFLVLRQ WR UHPRYH GRFXPHQWV IURP WKHLU GDWDEDVHV ,Q SDUWLFXODU , XQGHUVWDQG WKDW ERWK :HVW DQG /H[LV KDYH UHPRYHG DOO RI :KLWH¶V EULHIV IURP WKHLU GDWDEDVHV 7RP /HLJKWRQ 9LFH 3UHVLGHQW RI &RQWHQW $FTXLVLWLRQ IRU :HVW WHVWLILHG WKDW RQ WKH UDUH RFFDVLRQV ZKHQ DQ DXWKRU KDV UHTXHVWHG WKDW D GRFXPHQW EH UHPRYHG IURP :HVW¶V GDWDEDVHV :HVW KDV VLPSO\ UHPRYHG LW  %HDXFKDPS 'HSRVLWLRQ SS    3 3  6HH DOVR IRU H[DPSOH :(67 :(67 /1  /HLJKWRQ 'HSRVLWLRQ SS  &21),'(17,$/   7KLV IDFW SDWWHUQ LV QRW VSHFLILF WR WKH ZRUNV DW LVVXH ,QVWHDG DV , KDYH GLVFXVVHG DERYH PRVW %30 DQG 300 GRFXPHQWV DUH QRW DFFHVVHG DW DOO UDWKHU LW LV WKH RSWLRQ YDOXH RI KDYLQJ DFFHVV WR VR PDQ\ SRWHQWLDOO\ XVHIXO GRFXPHQWV ± DQG WKH LQWHJUDWLRQ RI WKRVH GRFXPHQWV LQWR WKH VXLWH RI IHDWXUHV RIIHUHG E\ /H[LV DQG :HVW ±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± OLNH PDQ\ SURIHVVLRQDOV ±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± RWKHU WKDQ WKH SULPDU\ PDUNHW IRU OHJDO VHUYLFHV RQ ZKLFK WKH /H[LV DQG :HVW SURGXFWV KDYH QR GLVFHUQLEOH HIIHFW ±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iQ $UJHQWLQD 6XPPHU  9LVLWLQJ 3URIHVVRU ,QVWUXFWRU  5HJXODWLRQ LQ 1HWZRUN ,QGXVWULHV :ULWWHQ 7HVWLPRQ\ ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 3K' :LOOLDP ) 6KHD //& HW DO Y %RQXWWL 5HVHDUFK ,QF HW DO 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 2KLR &DVH 1R FY -DQXDU\  $VVHVV LVVXHV UHODWLQJ WR DOOHJHG FRPSHWLWLRQ UHODWHG WR 6KHD¶V DOOHJHG EUHDFK RI FRQWUDFW DQG RWKHU FODLPV 5XOH  E  ([SHUW :LWQHVV 'LVFORVXUH RI 3ODLQWLIIV :LOGKHDUW (QWHUWDLQPHQW /3 0D[LP /DQJVWDII DQG 0LFKHOH /DQJVWDII :LOGKHDUW (QWHUWDLQPHQW /3 0D[LP /DQJVWDII DQG 0LFKHOH /DQJVWDII Y +LJKHU *URXQG //& HW DO 6XSHULRU $WWDFKPHQW  &RXUW IRU WKH 'LVWULFW RI &ROXPELD &LYLO 'LYLVLRQ  &LYLO $FWLRQ 1R  &$  % -XQH  $VVHVV :LOGKHDUW¶V FODLPV IRU GDPDJHV UHVXOWLQJ IURP +LJKHU *URXQG¶V DOOHJHG EUHDFK RI FRQWUDFW LQWHUIHUHQFH DQG RWKHU FODLPV ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ DQG &KULVWLQH 6 0H\HU :DGGLQJWRQ 1RUWK $PHULFD ,QF Y 6DEHUW &RUSRUDWLRQ 8QLWHG 6WDWHV 'LVWULFW &RXUW IRU WKH 'LVWULFW RI 1HZ -HUVH\ &LYLO $FWLRQ 1R FY*(%0&$ -DQXDU\  $VVHVV :DGGLQJWRQ¶V FODLP IRU GDPDJHV UHVXOWLQJ IURP 6DEHUW¶V DOOHJHG LQIULQJHPHQW RI SDWHQWHG PHWDOL]HG FXWOHU\ WHFKQRORJ\ 5HEXWWDO ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ ,QWHUQDWLRQDO %XVLQHVV 0DFKLQHV &RUSRUDWLRQ Y %*& 3DUWQHUV ,QF %*& %URNHUV 86 /3 %*& )LQDQFLDO /3 DQG %*& 86$ /3 86 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &LYLO $FWLRQ 1R FY 1RYHPEHU  $VVHVV ,%0¶V FODLP IRU GDPDJHV UHVXOWLQJ IURP %*&¶V DOOHJHG EUHDFK RI FRQWUDFW DQG FRS\ULJKW LQIULQJHPHQW ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 'DQIRUWK 6 'H6HQD '30 DQG 6ROVWLFH &RUSRUDWLRQ Y %HHNOH\ &RUSRUDWLRQ 8QLWHG 6WDWHV 'LVWULFW &RXUW 'LVWULFW RI 0DLQH &LYLO $FWLRQ 1R FY'%+ 'HFHPEHU  $VVHVV 'H6HQD¶V FODLP IRU GDPDJHV IURP %HHNOH\¶V DOOHJHG LQIULQJHPHQW RI SDWHQWHG UDGLRJUDSKLF VFDQQHU WHFKQRORJ\ 5HSRUW RI 'DYLG %ODFNEXUQ RQ &ODLPHG 0RQRSROLVWLF ,PSDFW RI 3URSRVHG 1HZ <RUN 6WDWH /HJLVODWLRQ 6HQDWH %LOO 1XPEHU '  /HWWHU WR *RYHUQRU 'DYLG 3DWHUVRQ 'HFHPEHU  ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 3K' &DUROLQD 3RZHU /LJKW &R HW DO Y $VSHFW 6RIWZDUH ,QF DQG %HOO6RXWK &RPPXQLFDWLRQV 6\VWHPV //& 8QLWHG 6WDWHV 'LVWULFW &RXUW (DVWHUQ 'LVWULFW RI 1RUWK &DUROLQD :HVWHUQ 'LYLVLRQ &DVH 1R FY 2FWREHU  $VVHVV $VSHFW¶V LQGHPQLILFDWLRQ REOLJDWLRQ UHODWLQJ WR D SDWHQW VHWWOHPHQW HQWHUHG LQWR E\ &DUROLQD 3RZHU ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ -RVH (VWUDGD DQG 5HQH %\URQ %UL]XHOD Y 7R\RWD 0RWRU 6DOHV 86$ ,QF HW DO 8QLWHG 6WDWXV 'LVWULFW &RXUW &HQWUDO 'LVWULFW RI &DOLIRUQLD &DVH 1R &9  *$) $-:[  2FWREHU  $VVHVV (VWUDGD¶V FODLP IRU GDPDJHV UHVXOWLQJ IURP WKH DOOHJHG LQIULQJHPHQW RI (VWUDGD¶V PXVLFDO FRS\ULJKWV ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 80* 5HFRUGLQJV ,QF HW DO Y 'LY[ ,QF HW DO 8QLWHG 6WDWHV 'LVWULFW &RXUW &HQWUDO 'LVWULFW RI &DOLIRUQLD &DVH 1R &9   ± $+0 $-:[  $XJXVW  5HEXWWDO ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 6HSWHPEHU  $VVHVV WKH H[WHQW DQG VRXUFH RI 80*¶V GDPDJHV UHVXOWLQJ IURP 'LY[¶V DOOHJHG LQIULQJHPHQW RI 80*¶V FRS\ULJKWHG ZRUNV ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 3K' 'RPLQLRQ 5HVRXUFHV ,QF Y $VSHFW 6RIWZDUH ,QF DQG 5RFNZHOO $XWRPDWLRQ ,QF 8QLWHG 6WDWHV 'LVWULFW &RXUW 8SGDWHG 6HSWHPEHU   1(5$ (FRQRPLF &RQVXOWLQJ  $WWDFKPHQW  (DVWHUQ 'LVWULFW RI 9LUJLQLD &DVH 1R FY -XQH  $VVHVV $VSHFW¶V LQGHPQLILFDWLRQ REOLJDWLRQ UHODWLQJ WR D SDWHQW VHWWOHPHQW HQWHUHG LQWR E\ 'RPLQLRQ ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 3K' 80* 5HFRUGLQJV ,QF HW DO Y 9HRK 1HWZRUNV ,QF HW DO 8QLWHG 6WDWHV 'LVWULFW &RXUW &HQWUDO 'LVWULFW RI &DOLIRUQLD &DVH 1R &9   ± $+0 $-:[  0D\  5HEXWWDO ([SHUW 5HSRUW RI 'DYLG %ODFNEXUQ 3K' -XQH  $VVHVV WKH H[WHQW DQG VRXUFH RI 80*¶V GDPDJHV UHVXOWLQJ IURP 9HRK¶V DOOHJHG LQIULQJHPHQW RI 80*¶V FRS\ULJKWHG ZRUNV 5HSRUW RI 'DYLG %ODFNEXUQ RQ &ODLPHG 0RQRSROLVWLF ,PSDFW RI 3URSRVHG 1HZ <RUN 6WDWH /HJLVODWLRQ 6HQDWH %LOO 1XPEHU %  /HWWHU WR *RYHUQRU 'DYLG 3DWWHUVRQ 1RYHPEHU  ([SHUW 5HSRUW RI 6WHYHQ 6FKZDUW] DQG 'DYLG %ODFNEXUQ )RUG 0RWRU &RPSDQ\ Y 6XGHVK $JUDZDO &X\DKRJD &RXQW\ &RXUW RI &RPPRQ 3OHDV &DVH 1R &9  -DQXDU\  $VVHVV $JUDZDO¶V FODLP IRU GDPDJHV UHVXOWLQJ IRUP )RUG¶V DOOHJHGO\ XQODZIXO SROLFLHV UHODWLQJ WR H[FHVV ZHDU DQG XVH /LYH 7HVWLPRQ\ 'HSRVLWLRQ 7HVWLPRQ\ ,QWHUQDWLRQDO %XVLQHVV 0DFKLQHV &RUSRUDWLRQ Y %*& 3DUWQHUV ,QF %*& %URNHUV 86 /3 %*& )LQDQFLDO /3 DQG %*& 86$ /3 86 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &LYLO $FWLRQ 1R FY  'HFHPEHU  $VVHVV ,%0¶V FODLP IRU GDPDJHV UHVXOWLQJ IURP %*&¶V DOOHJHG EUHDFK RI FRQWUDFW DQG FRS\ULJKW LQIULQJHPHQW 'HSRVLWLRQ 7HVWLPRQ\ 'DQIRUWK 6 'H6HQD '30 DQG 6ROVWLFH &RUSRUDWLRQ Y %HHNOH\ &RUSRUDWLRQ 8QLWHG 6WDWHV 'LVWULFW &RXUW 'LVWULFW RI 0DLQH &LYLO $FWLRQ 1R FY'%+ )HEUXDU\  $VVHVV 'H6HQD¶V FODLP IRU GDPDJHV IURP %HHNOH\¶V DOOHJHG LQIULQJHPHQW RI SDWHQWHG UDGLRJUDSKLF VFDQQHU WHFKQRORJ\ 'HSRVLWLRQ 7HVWLPRQ\ &DUROLQD 3RZHU /LJKW &R HW DO Y $VSHFW 6RIWZDUH ,QF DQG %HOO6RXWK &RPPXQLFDWLRQV 6\VWHPV //& 8QLWHG 6WDWHV 'LVWULFW &RXUW (DVWHUQ 'LVWULFW RI 1RUWK &DUROLQD :HVWHUQ 'LYLVLRQ &DVH 1R FY 'HFHPEHU  $VVHVV $VSHFW¶V LQGHPQLILFDWLRQ REOLJDWLRQ UHODWLQJ WR D SDWHQW VHWWOHPHQW HQWHUHG LQWR E\ &DUROLQD 3RZHU 'HSRVLWLRQ 7HVWLPRQ\ 80* 5HFRUGLQJV ,QF HW DO Y 9HRK 1HWZRUNV ,QF HW DO 8QLWHG 6WDWHV 'LVWULFW &RXUW &HQWUDO 'LVWULFW RI &DOLIRUQLD &DVH 1R &9   ± $+0 $-:[  -XO\  $VVHVV WKH H[WHQW DQG VRXUFH RI 80*¶V 8SGDWHG 6HSWHPEHU   1(5$ (FRQRPLF &RQVXOWLQJ  $WWDFKPHQW  GDPDJHV UHVXOWLQJ IURP 9HRK¶V DOOHJHG LQIULQJHPHQW RI 80*¶V FRS\ULJKWHG ZRUNV 3DSHUV DQG 3XEOLFDWLRQV ³ 3HUFHQW  3HUFHQW  :KDW¶V ,Q $ 1XPEHU"´ Z & 0H\HU  ,3/DZ -XQH   ³7KH  3HUFHQW 5XOH LQ 3DWHQW 'DPDJHV 'HDG DQG 1RZ %XULHG´ Z 6 7]HQRYD  1(5$ :RUNLQJ 3DSHU -XQH   ³,QWHOOHFWXDO 3URSHUW\ 9DOXDWLRQ 7HFKQLTXHV DQG ,VVXHV IRU WKH VW &HQWXU\´ Z % 5D\  LQ ,QWHOOHFWXDO 3URSHUW\ 6WUDWHJLHV IRU WKH VW &HQWXU\ &RUSRUDWLRQ -RKQ :LOH\ DQG 6RQV ,QF  ³6HFRQGDU\ &XUUHQF\ LQ &LUFXODWLRQ $Q (PSLULFDO $QDO\VLV´ Z 0 &RODFHOOL  -RXUQDO RI 0RQHWDU\ (FRQRPLFV 9ROXPH  ,VVXH  $SULO  SS  ³'RHV WKH 6XSUHPH &RXUW¶V 'HFLVLRQ LQ 4XDQWD $IIHFW )LUPV¶ ,QFHQWLYHV WR ,QQRYDWH"´ Z % 5D\ DQG / :X  1(5$ :RUNLQJ 3DSHU 0DUFK  ³:RUGV 0DWWHU (FRQRPLFV $ /LWHUDO 5HDGLQJ RI 0DUV $PHULFDQ 6HDWLQJ DQG 0RQVDQWR5DOSK  3RWKROHV $ORQJ WKH 5RDG WR (FRQRPLF 5DWLRQDOLW\"´ Z 3 %HXWHO  1(5$ :RUNLQJ 3DSHU 0DUFK   ³5HDVRQDEOH 5R\DOWLHV $IWHU H%D\´ Z & 0H\HU  ,3/DZ 6HSWHPEHU   ³:KHUH V WKH (FRQRPLFV %HKLQG /XFHQW Y *DWHZD\ HW DO"´ Z 0 /RSH]  1(5$ :RUNLQJ 3DSHU 0DUFK   DQG ,QWHOOHFWXDO 3URSHUW\ 7RGD\ $SULO   ³2QOLQH 3LUDF\ DQG 5HFRUGHG 0XVLF 6DOHV´ +DUYDUG 8QLYHUVLW\  :RUNLQJ 3DSHU  ³'HYHORSLQJ 6XSHUVWDUV 7KH (IIHFWV RI )LOH 6KDULQJ RQ WKH ,QYHVWPHQW LQ 1HZ 7DOHQW´ +DUYDUG 8QLYHUVLW\  :RUNLQJ 3DSHU  ³1HWZRUN ([WHUQDOLWLHV DQG &RS\ULJKW (QIRUFHPHQW´ (VWXGLRV GH (FRQRPLD -XQH  Y  LVV  SS  'LVVHUWDWLRQ ³(VVD\V RQ WKH (FRQRPLFV RI &RS\LQJ DQG WKH 5HFRUGHG 0XVLF ,QGXVWU\´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³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &DVH 1R  &LY  -65  &ODVV $FWLRQ &RPSODLQW )HEUXDU\   (GZDUG / :KLWH 3& Y :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &9 -65  $PHQGHG &RPSODLQW -XQH   (GZDUG / :KLWH 3& Y :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &LY  -65  'HIHQGDQW :HVW 3XEOLVKLQJ &RUSRUDWLRQ¶V 5HVSRQVH WR 3ODLQWLII¶V 5HTXHVW IRU 3URGXFWLRQ RI 'RFXPHQWV 5HJDUGLQJ 3ULFLQJ 6HSWHPEHU   (GZDUG / :KLWH (GZDUG / :KLWH 3& DQG .HQQHWK (ODQ RQ EHKDOI RI WKHPVHOYHV DQG DOO RWKHUV VLPLODUO\ VLWXDWHG Y :HVW 3XEOLVKLQJ &RUSRUDWLRQ GED ³:HVW´ DQG 5HHG (OVHYLHU ,QF GED /H[LV1H[LV 8QLWHG 6WDWHV 'LVWULFW &RXUW 6RXWKHUQ 'LVWULFW RI 1HZ <RUN &9 -65  3ODLQWLIIV¶ 5HVSRQVH WR 'HIHQGDQW :HVW 3XEOLVKLQJ &RUSRUDWLRQ¶V ³:HVW´ )LUVW 6HW RI ,QWHUURJDWRULHV -XQH   6XSSOHPHQWDO 'HFODUDWLRQ RI 1DQF\ %XFNOH\  (FRQRPLF /LWHUDWXUH 7LPRWK\ ) %UHVQDKDQ DQG 5REHUW - *RUGRQ ³,QWURGXFWLRQ´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

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


Why Is My Information Online?