ParkerVision Shares Down +60%
ParkerVision (NASDAQ: PRKR) is on track to be the biggest loser of the day.
Shares were down 34 percent before being halted and were down as much as 70 percent after being reopened.
ParkerVision is an intellectual property company and investors were depending on a lawsuit against Qualcomm (NASDAQ: QCOM). All motions, except for one upholding the validity of the patents, were overturned.
ParkerVision CEO Jeffery Parker commented, “While we are pleased that the court upheld the jury's decision that the patents are valid, we are obviously disappointed with the District Court's ruling that judgment be entered for Qualcomm on non-infringement. We will appeal this latest ruling on non-infringement."
The court documents were filed on Friday, however investors did not catch on until Monday morning. Shares dropped 34 percent before NASDAQ halted the company and it was nearly two hours after the selloff started before ParkerVision issued a press release.
Shares reopened at $2 and are down trading at $1.60, a 68 percent drop from Friday’s close, triggering a circuit breaker. Less than two minutes later a second circuit breaker halt was triggered.
Despite the massive selloff, shares at $1.60 have rebounded significantly from the $1.30 low.
Update: Qualcomm recently issued a response to the ruling from SVP of Litigation, Alex Rogers.
Rogers stated, "As the Court noted in its detailed decision, the evidence could only support a finding of non-infringement. Qualcomm simply does not use the techniques claimed in ParkerVision's patents. We appreciate the Court's diligence and, of course, we are very pleased with the result."
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