You have valuable source code, customer lists, a product design - you name it, if it's your trade secret, protecting it is a top priority. All too often, however, companies face misappropriation of trade secrets. Perhaps a competitor gets its hands on your product and is now trying to reverse engineer it, or a former sales rep has taken your firm's customer lists to his new employer.
Get a big red stop sign from the judge.
One way to stop it is through an "injunction" - a big red stop sign issued by the judge, which orders the competitor or former employee to stop what they're doing.
Get your money back from the pickpocket.
When your trade secrets are stolen or misappropriated, you may have "actual loss," a legal term for the calculated impact on your bottom line. Picture a pickpocket ordered to return the $10 he stole from your wallet - that is monetary damages for actual loss.
In addition, the monetary damages to which you may be entitled include those for the "unjust enrichment" that occurred when the competitor, after having misappropriated your trade secrets, did an end-run around the R&D that you originally invested to develop the product in the first place.
Enforce your right to fish in the stream.
Often, those products or services that constitute trade secrets are licensable; therefore, the misappropriation has deprived you of the revenue that you would have earned based on a licensing agreement. In some cases, you can obtain reasonable royalty streams as a way to compensate you for the misappropriation.
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To learn more about trade secret misappropriation, click here. For personalized information about your situation, call us at (713) 909-7323 or complete an online form 24/7. The lawyers of Hendershot, Cannon, Martin & Hisey, P.C., represent 200+ years of combined experience in business law and family law and serve clients in Houston and throughout the state of Texas.