Alpha Modus said the terms of the settlement are confidential, and the lawsuit will be dismissed with prejudice.
Alpha Modus Holdings (AMOD), a retail technology company, announced on Thursday that it has reached a settlement in its in-store technology patent infringement lawsuit against Walgreens Co. (WBA).
The terms of the settlement are confidential, and the lawsuit will be dismissed with prejudice, Alpha Modus said. The case was filed in the United States District Court for the Eastern District of Texas and involved claims related to Alpha Modus’s U.S. Patent.
Retail sentiment on Walgreens improved to ‘neutral’ from ‘bullish’ territory, with chatter at ‘normal’ levels, according to Stocktwits data. Shares of the company were down marginally on Thursday morning.
In February, Alpha Modus filed the patent infringement lawsuit that also alleges willful infringement against Walgreens. The company said Walgreens allegedly willfully infringed on Alpha Modus’s patented AI-driven retail technology, which enhances in-store shopping through data-driven insights, interactive advertising, and consumer engagement tools.
Walgreens’ deployment of digital smart screens known as “Cooler Screens” mirrors the innovations protected under Alpha Modus’s patents, necessitating this legal action, Alpha Modus had noted in February.
On Thursday, Alpha Modus CEO William Alessi said that the company appreciates the opportunity to amicably resolve this matter in a timely and effective manner. “This outcome reflects our continued commitment to safeguarding the value of our intellectual property while promoting constructive relationships across the retail and technology sectors,” Alessi added.
Alpha Modus said it has now resolved multiple enforcement actions as part of its broader intellectual property monetization strategy and continues to pursue licensing and litigation opportunities involving its patented technologies.
Walgreens’ stock has gained nearly 31% so far this year and jumped over 21% in the last 12 months.
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