Shamir Optical Industry and its partly owned subsidiary Inray, were served with a lawsuit filed with the Central District Court in Petach-Tikva, Israel by Dymotech, Shamir's co-shareholder in Inray.
The claim alleges that Shamir illegally used the intellectual property of the Technion Israel Institute of Technology to seek unjust enrichment.
Dymotech requested a restraining order against its alleged intellectual property future use, in addition to the request order to pay damages and other monetary orders.
The total amount claimed limited for court filing fee purposes is NIS100m (approximately $28.17m based on the 14 January 2011 representative rate of exchange).
Shamir is reviewing and assessing the lawsuit and is unable to evaluate the probability of success of the lawsuit or the range of potential exposure.
Shamir is a provider of products and technology to the spectacle lens market.