LOS ANGELES--(BUSINESS WIRE)--On October 26, 2015, XYZ, the registry operator behind .xyz - the world’s most popular new domain extension - announced the company had defeated Verisign, Inc. in a lawsuit dating back to December 2014. By granting XYZ a victory on summary judgment, the court found that XYZ won the case as a matter of law because there were no triable issues for a jury.
Verisign, known for operating .com, alleged that XYZ lied when it published registration numbers and made statements about the difficulty in finding good .com domain names. Many compared the lawsuit to “David vs. Goliath,” with the industry incumbent attempting to litigate new competition out of business. XYZ stated that it knew Verisign’s claims were not legitimate, however, and defended itself to make a stand for startups and small businesses that are bullied by established companies.
“We were shocked that an industry-giant would file such claims against my small business. I also took it as a compliment,” said XYZ’s CEO and Founder Daniel Negari. According to XYZ’s General Counsel, Grant Carpenter, “these tactics appear to be part of a coordinated anti-competitive scheme by Verisign to stunt competition and maintain its competitive advantage in the industry.”
In line with the purpose of ICANN’s gTLD program, the mission of .xyz is to provide internet users with competition and choice when selecting a domain name. “We were thrilled that the judge recognized and validated that Verisign had no legal basis for its claims. The victory today proved that the innovation and superior availability in .xyz prevailed against Verisign’s frivolous attempts to stunt our growth,” said Negari.
The full text of the Court’s order can be found at www.gen.xyz.
Disclosure: Daniel Negari, Founder and CEO of XYZ, has personally initiated a significant short position of Verisign’s stock.
About XYZ
XYZ is the registry operator of .xyz, .College, .Rent, .Security, .Protection, and .Theatre. The company is also launching .Cars, .Car, and .Auto in December through a joint venture.
Founded in 2011 with offices in Las Vegas and Santa Monica, the innovative registry is led by CEO and Founder Daniel Negari, a visionary internet entrepreneur with years of experience in the domain industry.
Learn more about XYZ in recent featured press such as CNBC, Wired, Reuters TV, or at www.gen.xyz.
