Contact Us Today 813-489-1001

Tampa Business Litigation Blog

Lawsuit filed over breach of contract, theft of trade secrets

Posted by William J. Cook | Apr 19, 2018 | 0 Comments

When two companies in Florida or anywhere else reach an agreement to do business together, each may gain access to the other's proprietary information in the process. If another party purchase one of these companies, it may gain access to this information, and should it decide to use trade secrets without consent, the other party may wish to pursue restitution. Osiris Therapeutics has recently filed a lawsuit against MiMedx, accusing it of theft of trade secrets and breach of contract.

According to reports, Osiris had originally reached an agreement with Stability Biologics that would allow Stability to provide some of its products to consumers for a set period. Following the end of this period, the company MiMedx reportedly purchased Stability and was allegedly given access to certain trade secrets from Osiris in the process. Osiris also claims the other company came to possess nearly $2.2 million worth of its equipment.

In addition, the company says that MiMedx ordered Stability to forgo payments on the $2.9 million it owed Osiris under the original arrangement. Osiris claims that in addition to the substantial financial losses it has suffered, the incident has also done a great deal of harm to its reputation. According to reports, Osiris is seeking to recover as much as $7 million in compensation.

Incidents involving breach of contract and theft of trade secrets can be highly complex and may become further complicated should a change of ownership occur. For guidance on the best course of action with which to proceed, business owners may find it beneficial to retain the services of an experienced attorney. An attorney can assess the situation and assist a client in Florida in pursuing the full amount of compensation deserved through the proper channels.

Source: massdevice.com, “Osiris levels $7m trade theft, breach-of-contract suit against MiMedx over Stability Biologics deal“, Brad Perriello, April 5, 2018

About the Author

William J. Cook

William J. Cook represents clients in matters involving business litigation and commercial and employment disputes, securities litigation, insurance, personal injury. Mr. Cook's peers have awarded him with the highest possible rating of AV-Preeminent* by Martindale-Hubbell, which speak...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Could Your Dispute Be Mediated?

Chris A. Barker is certified by the Florida Supreme Court as a circuit-civil mediator. He can bring parties together using mediation to obtain out-of-court resolutions which help litigants resolve their legal disputes in a cost-effective and efficient manner.

Based in Tampa, Mr. Barker conducts mediations throughout Florida and can conduct mediation conferences via Zoom for the convenience of all parties. Contact our office today!

Menu