Fingerprint Cards is seeking compensation for damages and a cease and desist order to stop the markeing and sale by Goodix of certain fingerprint sensing chips.
"As a world-leading innovative company, we continuously file patents to protect our intellectual property. When our patents are infringed upon, we are determined to defend our interests and the interests of our shareholders," commented Christian Fredrikson, CEO of Fingerprint Cards, in a statement.
Although Fingerprint Cards is the world's leading supplier of biometric identity systems, in June the company found it necessary to implement cost reduction measures to meet a shift in demand to smaller and lower priced capacitive fingerprint sensors. These measures are expected to result in 179 people losing their jobs.
These measures were estimated to yield savings of some SEK 350 million (about $38 million) on an annual basis. Fingerprint Cards also announced a non-cash inventory write-down of approximately SEK 336 million (about $37 million) and a non-cash write-off of capitalized R&D projects amounting to approximately SEK 143 million (about $16 million).
During 1Q18, a previously disclosed cost reduction program was implemented, which is expected to generate cost savings of SEK 360 million (about $40 million) in 2018.
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