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Shares of BlackBerry Ltd (NYSE:BB) were trading higher Friday after the Canadian company confirmed that it settled a legal spat with Facebook, Inc. (NASDAQ:FB).
What Happened: BlackBerry confirmed in a statement to Bloomberg it settled a dispute with the social media giant related to patent royalties. The company didn't confirm any specific details of the agreement.
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The legal dispute dates back to 2018, when BlackBerry sued Facebook. BlackBerry said Facebook was using its inventions within its messaging applications.
Facebook responded with a lawsuit of its own, saying that BlackBerry infringed on its voice messaging technology.
Why It's Important: Details of the agreement aren't known, but investors appear to be speculating that decision is in BlackBerry's favor given the strong gains.
In fact, Friday's move to a new 52-week high of $11.56 builds on Thursday's more than 30% gain.
This week, the company sold 90 patents to China's Huawei that focus on geo tagging of images, security features, and presentation of text and images.
BB Price Action: BlackBerry shares were up 12.9% at $10.28 at last check Friday.
Photo courtesy of BlackBerry.
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.