ParkerVision Prevails in Suit Against Qualcomm, Shares Halted
ThinkstockA federal jury in Florida ruled Thursday that chipmaker Qualcomm Inc. (NASDAQ: QCOM) had both directly and indirectly infringed on patents owned by ParkerVision Inc. (NASDAQ: PRKR). According to a press release from ParkerVision the same jury will immediately begin…
A federal jury in Florida ruled Thursday that chipmaker Qualcomm Inc. (NASDAQ: QCOM) had both directly and indirectly infringed on patents owned by ParkerVision Inc. (NASDAQ: PRKR). According to a press release from ParkerVision the same jury will immediately begin considering penalities and determining “the scope of damages awarded and whether Qualcomm is also guilty of willful patent infringement. With a finding of willful patent infringement, a judge has the authority to enhance damages awarded by the jury by up to three times.”
A ruling in the case earlier this week limited the amount of damages Qualcomm is likely to pay to less than $100 million. Even if treble damages are awarded by the judge, the total award may be no more than about $225 million. ParkerVision had sought something more on the order of $500 million.
ParkerVision’s market cap today before the jury’s verdict was announced came in around $290 million based on a share price of $3.16. Shares spiked above $4 when the lawsuit was filed in February and peaked just short of $5 in early July. The 52-week low is $1.48.
Shares of ParkerVision were halted after the stock jumped 73% to around $5.90 a share.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
