Arista Networks hits new highs after import ban lifted

Arista Networks Inc. shares hit record highs Monday after an import ban stemming from a patent dispute with Cisco Systems Inc. was lifted. Arista's networking gear was blocked by the International Trade Commission in June, after the regulatory body determined that Arista's products infringed on three Cisco patents. Arista redesigned the products in question, and said Monday that U.S. Customs had agreed to allow the company's new networking gear to be imported into the U.S. "We appreciate the hard work and thoroughness of U.S. Customs and Border Protection in reaching this decision, which validates our good-faith efforts to address the ITC's findings," Marc Taxay, Arista's general counsel, said in an email. "We look forward to resuming the importation of our redesigned products into the United States." Arista shares hit an all-time intraday high of $94.76 Monday and closed at $94.48, a 7.4% gain from Friday's closing price.

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