Vringo Shares Respond To Apple Patent Infringement Case
Apple Inc. (NASDAQ: AAPL) has been ordered to pay $532.9 million to patent licensing firm Smartflash LLC after a Texas federal jury found Apple guilty of patent infringement. The lawsuit centered around three patents owned by Smartflash relating to the software that iTunes used to allow users to access and store downloaded media.
Shares of intellectual property company Vringo, Inc. (NASDAQ: VRNG) hit as high as $0.74 Wednesday morning, but are now back to around $0.70 per share, a gain of 3.2 percent.
In an official statement about the ruling, Apple expressed its unwillingness to pay the cash without a fight. “We refuse to pay off this company for the ideas our employees spent years innovating and unfortunately we have been left with no choice but to take this fight up through the court system,” the statement read.
Apple plans to appeal the ruling on the grounds that the technology that is the subject of the lawsuit is too basic to deserve a patent in the first place.
Shares of Apple traded recently at $128.49, down 2.7 percent.
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