FlexShopper Files Patent Infringement Lawsuits Against Upbound Group, Inc. and Katapult Holdings, Inc.
01 Octubre 2024 - 7:00AM
FlexShopper, Inc. (Nasdaq: FPAY), (“the Company”), a leading online
lease-to-own retailer and payment solutions provider, has initiated
legal action to defend its intellectual property. The Company has
filed patent infringement lawsuits against Upbound Group, Inc.
(Nasdaq: UPBD) (including its Acima subsidiaries) and Katapult
Holdings, Inc., (Nasdaq: KPLT) alleging unauthorized use of
FlexShopper's patented technologies.
FlexShopper has retained the renowned law firm Quinn Emanuel
Urquhart & Sullivan, LLP to represent it in these cases, which
were filed in the U.S. District Court for the Eastern District of
Texas. The lawsuits revolve around five key patents, granted
between 2018 and the present, which protect FlexShopper’s
computer-implemented lease-to-own (LTO) technology. The specific
patents include US10282778B1, US10891687B2, US12067611B2,
US10089682B1, and US11966969B2.
“FlexShopper has invested heavily in creating an innovative,
next-generation lease-to-own platform, and these five patents are
central to that system,” said Russ Heiser, CEO of FlexShopper. “We
believe that certain competitors have infringed upon our
intellectual property, building substantial businesses using our
innovations. We are confident that, with the expertise of Quinn
Emanuel, we will address these infringements swiftly and
effectively.”
The lawsuits accuse Upbound Group and Katapult of multiple forms
of infringement, including direct infringement, contributory
infringement, and inducement of others to infringe. FlexShopper is
seeking both injunctive relief to prevent further infringement and
monetary damages.
The patents in question cover FlexShopper’s innovative systems
and methods for enabling retailers to partner with third-party
lease-to-own providers, facilitating seamless lease-to-own
transactions for consumers.
About FlexShopperFlexShopper, Inc. is a leading
national financial technology company that offers innovative
payment options to consumers. FlexShopper provides a variety of
flexible funding options for underserved consumers through its
direct-to-consumer online marketplace at Flexshopper.com and in
partnership with merchants both online and at brick-and-mortar
locations. FlexShopper’s solutions are crafted to meet the needs of
a wide range of consumer segments through lease-to-own and lending
products.
Contacts
For FlexShopper:Investor
Relationsir@flexshopper.com
Investor and Media Contact:Andrew Berger,
Managing DirectorSM Berger & Company, Inc.Tel: (216)
464-6400andrew@smberger.com
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