Why ParkerVision Shares Are Down More Than 30%
Shares of ParkerVision (NASDAQ: PRKR) tumbled more than 34 percent in pre-market trading before being halted shortly after 9:00 a.m. EDT.
ParkerVision investors were depending on a positive outcome in a lawsuit against Qualcomm (NASDAQ: QCOM). All motions were denied as a matter of “moot” except for a retrial on the basis of non infringement.
ParkerVision CEO Jeffrey 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 document was filed last Friday, however most of Wall Street did not catch wind of the announcement until Monday morning. The company did not file a press release until more than two hours after shares started selling off.
Shares of ParkerVision are scheduled to resume for quote at 10:35 a.m. and trade at 10:40 a.m. The last trade, before the halt, was a $3.30, off the low of $3.21.
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