Barron’s beat up on chip maker SIRF this week. The company makes chips for GPS devices, and at one point had 90% of the market. But, one of the company’s big customers, TomTom, is going to use a device from a private company, Global Locate.
The concern over this loss of business has taken the stock from $31 to $26 in three days. So, SIRF took the only sane route. They sued Global Locate for patent infringement.
Awesome. Four patents alledgedly violated. Looking for an injunction and monetary damages in federal court.
Won’t look good if SIRF loses.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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