Spherix Shares Soar Following Shelving Of Patent Reform Bill
Shares of Spherix (NASDAQ: SPEX) have rocketed up over 74 percent following an announcement by Senate Judiciary Committee Chairman Patrick Leahy (D-Vermont) that the patent reform bill has been removed from the committee's agenda.
The bill was designed to address the issue of "patent trolls" - companies with the sole purpose of acquiring patents to file lawsuits against them. According to Leahy, the bill was shelved due to a lack of comprehensive support by competing companies on both sides of the issue. However, Leahy made sure to note that if stakeholders were able to reach "a more targeted agreement," he would immediately bring it to the committee.
Proponents of the bill believed it would help to curtail frivolous lawsuits brought on by patent trolls. In contrast, the bill's opponents felt it would provide obstacles to small inventors trying to defend their patents against large, well-funded companies.
Spherix operates as an intellectual property company that seeks to advance innovation through participation in the patent market. The company currently holds over 300 patents and focuses on the telecommunications sector.
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