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Apple Inc. (NASDAQ:AAPL), which announced stellar quarterly results last week, is reportedly facing a patent infringement lawsuit in China related to the technology it uses in its virtual assistant Siri.
What Happened: Shanghai Zhizhen Network Technology said in a statement it has filed a 10-billion yuan ($1.43 billion) patent infringement lawsuit against Apple in a Shanghai court, alleging Apple's products violated a patent owned by it for its virtual assistant, the Wall Street Journal reported.
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Shanghai Zhizhen, also known as Xiao-i, applied for the patent in 2004 and was awarded it in 2009. The Chinese company previously filed a patent infringement lawsuit in 2012 and China's Supreme People's court had ruled in its favor.
With the most recent lawsuit, Xiao-i seeks to prevent Apple from selling products that use the voice-activated function.
Xiao-i reportedly said that it demands the iPhone maker to cease "manufacturing, using, promising to sell, selling, and importing" products that infringe on the patent.
Why It's Important: Apple uses Siri in its key products such as iPhones and iPads. The iPhone is the tech giant's flagship product and it contributed about 44% to the top line in the recent third quarter.
A setback in the lawsuit could mean Apple may have to settle with the Chinese company, and could even face the predicament of paying a royalty on sales.
AAPL Price Action: Apple shares were trading 3.4% higher at $439.49 at last check Monday.
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Photo courtesy of Apple.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.