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Lawsuit filed over breach of contract, theft of trade secrets

| Apr 19, 2018 | Contract Disputes |

When two companies in Florida or anywhere else reach an agreement to do business together, each may gain access to the other’s proprietary information in the process. If another party purchase one of these companies, it may gain access to this information, and should it decide to use trade secrets without consent, the other party may wish to pursue restitution. Osiris Therapeutics has recently filed a lawsuit against MiMedx, accusing it of theft of trade secrets and breach of contract.

According to reports, Osiris had originally reached an agreement with Stability Biologics that would allow Stability to provide some of its products to consumers for a set period. Following the end of this period, the company MiMedx reportedly purchased Stability and was allegedly given access to certain trade secrets from Osiris in the process. Osiris also claims the other company came to possess nearly $2.2 million worth of its equipment.

In addition, the company says that MiMedx ordered Stability to forgo payments on the $2.9 million it owed Osiris under the original arrangement. Osiris claims that in addition to the substantial financial losses it has suffered, the incident has also done a great deal of harm to its reputation. According to reports, Osiris is seeking to recover as much as $7 million in compensation.

Incidents involving breach of contract and theft of trade secrets can be highly complex and may become further complicated should a change of ownership occur. For guidance on the best course of action with which to proceed, business owners may find it beneficial to retain the services of an experienced attorney. An attorney can assess the situation and assist a client in Florida in pursuing the full amount of compensation deserved through the proper channels.

Source: massdevice.com, “Osiris levels $7m trade theft, breach-of-contract suit against MiMedx over Stability Biologics deal“, Brad Perriello, April 5, 2018