Apple Inc. AAPL will have to face a patent infringement lawsuit over the heart rate sensor technology in the Apple Watch, AppleInsider reported Monday, citing a ruling by the U.S. Court of Appeals for the Federal Circuit.
What Happened: The original lawsuit - filed by Omni MedSci Inc. in 2018 - had alleged that Apple Watch’s heart rate measurement technology infringed on multiple patents owned by the company, as per the report.
Apple’s move to get the lawsuit dismissed was denied by a U.S. District Court. The case was brought to the Federal Circuit after the Tim Cook-led company appealed the decision, the report noted.
The patents were reportedly owned by University of Michigan professor Mohammed Islam, who later assigned the patent rights to Omni MedSci.
However, Apple had argued that the patents actually belonged to the University of Michigan, citing Islam’s employment agreement with the university, as per the report. The federal circuit disagreed with the tech giant’s argument.
See also: How To Buy Apple Stock
Why It Matters: Apple is facing other lawsuits too related to the Apple Watch. It was reported in May that privately-held medical device maker AliveCor Inc. filed a federal antitrust lawsuit against the Cupertino-based company, accusing it of monopolizing the market for heart-rate technology for the Apple Watch.
The Apple Watch is an important product for Apple and is part of the company’s wearables, home, and accessories segment that generated sales of $8.78 billion in the recent third quarter, up 36% year-over-year.
Price Action: Apple shares closed 0.2% lower in Monday’s trading session at $145.52.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.