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Stock Market & Financial Investment News

News Breaks
April 2, 2014
13:49 EDTRVBDSilver Peak confirms patent win against Riverbed, seeks permanent injunction
A Delaware jury delivered a verdict Tuesday in favor of Silver Peak in a trial in which Silver Peak asserted infringement of two of its patents against Riverbed. Silver Peak intends to seek a permanent injunction against the features of Riverbed’s RiOS and Steelhead devices covered by the Silver Peak patents – “SDR-Adaptive,” as well as “Enhanced Auto-Discovery” when used in combination with “Full Transparency.” The jury in the United States District Court for the District of Delaware found that one Silver Peak patent – U.S. Patent No. 7,945,736 – was directly infringed under the Doctrine of Equivalents and was also contributorily infringed by Riverbed. The validity of that patent was not challenged at trial. The jury also found that Riverbed induced infringement of a second Silver Peak patent – U.S. Patent No. 7,948,921 – and rejected an invalidity challenge to that patent. The court had previously granted summary judgment of direct infringement of that patent by Riverbed. Riverbed initiated the litigation in 2011. The asserted claims of two of the patents originally asserted by Riverbed were invalidated in inter partes reexamination before the United States Patent and Trademark Office, and Riverbed’s claims have been stayed by the court while those decisions are being appealed.
News For RVBD From The Last 14 Days
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October 22, 2014
13:14 EDTRVBDRiverbed up 3% after dealReporter says contacting buyers next week
Shares of Riverbed moved higher after dealReporter said the company is expected to start a sale process and contact potential buyers next week, according to its sources.
October 13, 2014
07:12 EDTRVBDRiverbed news already priced into stock, says JMP Securities
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October 10, 2014
09:06 EDTRVBDF5 Networks checks indicate return to stable growth, says Janney Capital
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October 9, 2014
12:07 EDTRVBDRiverbed downgraded to Neutral from Buy at Citigroup
Citigroup downgraded Riverbed to Neutral citing the Q3 top-line shortfall.
10:44 EDTRVBDRiverbed miss increases likelihood of Elliot deal, says Wells Fargo
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10:19 EDTRVBDFollow-up: Riverbed downgraded at William Blair
As previously reported, William Blair downgraded Riverbed to Market Perform from Outperform. The firm downgraded shares citing disappointing preliminary Q3 results, survey feedback that indicates lack of excitement around Riverbed's non-WAN optimization portfolio of products, and neutral risk/reward.
10:11 EDTRVBDRiverbed downgraded to Market Perform from Outperform at William Blair
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09:43 EDTRVBDElliott 'commends' Riverbed board for initiating strategic review
Elliott Management Corporation commented on Riverbed Technology’s announcement of preliminary earnings and other actions: “We commend the Board for initiating a strategic review and believe that Riverbed is a great company with products customers value,” said Jesse Cohn, portfolio manager at Elliott Management. “We have made a $21 bid for the company, and our team and advisors look forward to completing our confirmatory diligence in an expedited fashion.”
08:32 EDTRVBDRiverbed to undertake comprehensive review of stratetgic, financial alternatives
08:32 EDTRVBDRiverbed initiates restructuring plan to reduce annual costs by $20M-$25M
The company announced that it has initiated a restructuring plan in order to reduce annual costs by $20 million to $25 million and improve annual operating margins by 1% to 2%. The company expects these restructuring efforts to be substantially complete by the end of calendar 2014. “In light of current business conditions, we are taking decisive steps to improve our cost structure in order to drive enhanced operating performance,” said Jerry M. Kennelly, chairman and CEO, Riverbed. “We believe these actions enable us to deliver increased value to our shareholders while continuing to deliver the products and support expected by our customers.” In addition to these restructuring initiatives, Riverbed's Board of Directors has determined to undertake a comprehensive review, with the assistance of its advisors, of strategic and financial alternatives to enhance shareholder value. There is no set timetable for the review process. The company does not intend to disclose or comment on further developments unless and until its Board approves a specific action or it otherwise concludes its review of alternatives.
08:31 EDTRVBDRiverbed narrows Q3 adjusted EPS view to 30c-31c from 30c-32c
Consensus is 31c. Cuts Q3 revenue view to $276M-$277M from $285M-$291M, consensus $286.75M. The revised guidance primarily reflects lower than expected growth in the company’s WAN Optimization and virtual ADC businesses.

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