The insider buying that started earlier last year on Ottawa’s Wi-LAN continued and diversified as the year drew to a close.
In August, we reported that CEO Jim Skippen and CFO Michael (Shaun) McEwan were buying up shares of the company in the open market.
In December, the pair were joined by COO Michael Vladescu, who bought 5,100 shares of Wi-LAN at $4.69 on December 14th. The same day, insider John Kendall Gillberry bought 5000 shares at $4.71. William Keith Jenkins also bought 5000 shares at various prices. The day before, Wi-LAN’s Vice President, Corporate Legal & Corporate Secretary Prashant Watchmaker picked up a thousand shares at $4.56.
Watchmaker and Vladescu’s buys increase positions they added to on August 3rd of last year.
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Early in December, Wi-LAN announced it had launched five separate litigations claiming patent infringement against three companies; Apple Inc., HTC Corp. and Sierra Wireless America.
Three of the suits, said the company, have been filed in the southern district of Florida against Apple, HTC and Sierra Wireless, and claim infringement of Wi-LAN’s U.S. patent Nos. 8,315,640 and 8,311,040, which are related to long-term evolution technologies.
Just days later, Wi-LAN said it was “surprised and disappointed” when a judge held up a lower court ruling in its case against LG. The news was a rare misstep for the patent player, which has grown is revenue from just $2 million in fiscal 2006 to the more than $100 million in fiscal 2011.
But Byron Capital analyst Tom Astle says 2013 promises to be a better year for Wi-LAN because it has a very busy litigation schedule, and also because when cases settle, its revenue climbs while expenses fall.
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