Following a court-issued injunction, Robby Gordon has altered the logo for his energy drink company, Speed Energy. Court filings suggest that a settlement is likely in the suit, and will come with the altering of the logo.

The new logo keeps the diagonal bars of the original logo, but it loses the connecting bar, which made the logo look like an “S,” and made it very similar to Specialized Bicycles’ logo.

Shortly after Gordon introduced his energy drink company, Specialized sent a cease-and-desist letter to Gordon, ordering him to stop using the logo due to its similarity to their logo.

Gordon, however, contended that his logo was different from Specialized’s and wouldn’t be confused with it because the energy drink business is not similar to the bike business.

Specialized disagreed, as did the court. U.S. District Court Judge Andrew J. Guilford granted an injunction against Robby Gordon for using the logo.

According to SceneDaily.com, the injunction was to take effect once Specialized posted a $3 million bond to cover damages in the event it lost the lawsuit.

But, a bond was never posted, and the two sides participated in mediation and are now working on a settlement.

Update: Robby Gordon in a statement announced that he has reached an agreement with Specialized Bicycles over similarities between the two companies’ logos.

Gordon said:

To our fans and Speed Energy supporters, I am happy to announce that we were able to reach a mutually beneficial settlement of our dispute with Specialized Bicycles regarding logos. … [M]erchandise with the old logo has been discontinued. SPEED Energy plans to have energy drink products with the new SPEED logo available in stores in early January 2011.

Under the injunction, Gordon will not be able to sell products that feature the logo or use the logo on his race cars. No word was given on when the logo needed to be removed, or when products with those logos needed to be removed from the marketplace.

The filing stated that Gordon already produced 2.4 million cans bearing the logo (at a cost of $1.1 million), and the company has commited to selling 1.8 million cans through distribution agreements. Gordon contends that the cans cannot be re-labeled and that it would take at least 90 days to design a new logo and reproduce the cans.

Gordon has used the the logo on his car for 10 races, which was said to be worth $2.25 million.

Gordon argued that his logo was different from Specialized’s and wouldn’t be confused with it because the energy drink business is not similar to the bike business.

Specialized, however, pointed out that they sponsor a cycling team in partnership with Monster Energy Drink, one of Gordon’s former sponsors. Specialized said that the marketing channels “substantially overlap.”

Specialized issued a ceast-and-desist letter to Gordon over the logo. In response, Gordon filed suit. As a result of that, Specialized sought an injunction to stop Gordon from using the logo.

Gordon says that if he’s unable to use the logo and has to change it, he may not be able to run in the Sprint Cup Series next season.

Gordon says his logo is different because it is shaped like a lightening bolt, and is orange wheras Specialized’s logo is more red. See the logos below: