Inventor Sues GE for Fraud
The inventor of a unique medical laser for drilling teeth and cutting bone filed suit against GE in Florida Federal Court this week for breach of contract and fraud.
(PRWEB) November 14, 2004 -- Florida inventor, Kevin Dickenson, filed a
lawsuit (case number 04-81004) this week in the United States District Court for
the Southern District of Florida against General Electric Company and one of its
divisions for fraud and breach of contract. Dickenson is the inventor of a
revolutionary new medical and dental laser. His company, PanaRay Inc., was part
of a $220M acquisition when GE acquired Panametrics, Inc. on July 23,
2002.
The lawsuit alleges that GE and its division agreed to fund the
development, manufacturing and marketing of Dickenson's medical laser but,
instead, GE systematically dismantled PanaRay, fired Dickenson, and took his
invention for GE's sole benefit.
Dickenson and a partner developed a
unique laser to drill teeth, cut bone and perform advanced surgical procedures
at the company’s laboratory located in Jupiter, Florida. According to Dickenson,
the laser was tested on human teeth and bone in conjunction with the University
of California San Francisco, yielding results that far exceeded projections. “As
soon as we had it working, GE requested our files and a few months later
informed us it was shutting down the company and taking the technology we spent
years developing,” stated Dickenson. Dickenson went on to say "this is valuable
technology that will benefit both the dental and medical communities. GE agreed
to put up over $7 million into product development and provide us with a
manufacturing facility and marketing support in exchange for stock in my
company, but ended up taking our technology after putting in less than $1
million."
The lawsuit alleges that Panametrics and GE failed to document
their funding obligations to PanaRay at the time of the acquisition and, as a
result, Panametrics' founders received more money for their company when GE
bought it, and GE received valuable intellectual property for which it had not
paid, leaving Panaray and Dickenson stripped of their technology, and without
compensation.
Dickenson's attorney, Mary Morris of the West Palm Beach
firm of Morris & Morris, characterized GE's actions as "regrettable" and
said that "we hope and expect that GE will make a conscientious effort to
redress the harm visited on Mr. Dickenson. Competition in the marketplace for
new technology is good for consumers- particularly when the technology has the
promise of this particular laser- but it must be undertaken fairly, and
inventors must be compensated for their work."
Dickenson, unable to
continue with work on the laser's development without the promised funding and
without the laser prototype, is currently working at Prudential Florida WCI
Realty in Palm Beach Gardens, Florida.
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Source : http://www.prweb.com/releases/2004/11/prweb175026.htm