ValCom, developers of mass notification communication systems like the ones used in schools and businesses during emergencies, has just filled a law suit against Megaupload.com. The suit is an attempt to secure some of the millions of dollars of funds seized by government authorities in a raid on the popular file sharing site, which happened in late January.

*Update: ValCom Studios, inc is the company responsible for the lawsuit. “A fully integrated entertainment company.”

ValCom reportedly owns more than 6,000 audio and video titles and has discovered that a significant number of the company’s products were illegally distributed via Megaupload.com. As PR Newswire notes, “in cases of willful copyright infringement plaintiffs are awarded either actual damages or statutory damages ranging from $750 – $150,000 per copyright infringed.”

This means that, if you do the math, ValCom is seeking anywhere between $4.5 million (6,000 titles  * $750) and $900 million (6,000 titles  * $150,000). This figure, of course, suggests that nearly all of the company’s products were infringed upon. We’ll have to wait and see what is determined in court.

The reality is, ValCom is undoubtably just one of countless companies that have found infringing material on the late, massively popular site. There was likely so much infringing content on Megaupload.com that there will be no possibly way all of the “lost” profits to ever be fully replenished — that is, if you believe that every infringement was actually equivalent to theft.

President and CEO of ValCom, Vince Vellardita stated:

Together with our friends at Microhits, Inc., we have implemented an aggressive initiative to acquire back-due royalties and compensation to assure that we receive all revenues that are due to the Company. Our suit regarding Megaupload.com is one of many situations we have identified where ValCom is due compensation. These are revenues that belong to ValCom and we’re securing them for the benefit of the Company and to increase value for our shareholders.

Watch, my friends, as the floodgates open and everyone and their mother tries to claim a piece of what’s been seized. The problem is, it’s a gold rush that will dry up.

Check out all of our Megaupload coverage below:

Here’s the full 72 page Megaupload DOJ indictment

Megaupload faces FBI charges for piracy, site taken down

DOJ calls Megaupload case “among the largest criminal copyright cases ever”