Marketwire Sues PR Newswire Over Alleged Theft of Corporate News Release Secrets

Toronto-based Marketwire distributes press releases via traditional methods (Associated Press, Bloomberg, etc.) as well as new media methods. Most of you have read or seen their work - we regularly read Marketwire pieces that assist companies in getting a particular message publicized.

Reuters is reporting that Marketwire has sued PR Newswire and several of its new employees who used to work for Marketwire. In its complaint, Marketwire accuses PR Newswire of hiring its former chief technology officer, co-defendant Shoeb Ansari, as part of a what it called a continuing campaign to steal its technology and gain access to customer data. Ansari, who was terminated from his Marketwire job in June 2010 and is now PR Newswire's chief information officer, allegedly has since lured several former colleagues to join him at New York-based PR Newswire.

A PR Newswire spokeswoman had no comment on the complaint, filed in the New York State Supreme Court in Manhattan.