Koss Corp KOSS shares are soaring Monday after the company reportedly reached a deal with Apple Inc AAPL in its AirPods patent case.
Headphone maker Koss sued Apple in 2020, claiming that Apple's AirPods violated several patents held by the company.
According to a Bloomberg report, citing a joint stipulation filed with the court, the two companies "have resolved all matters in controversy between them."
The agreement to settle the case comes the day before the trial was scheduled to start.
Judge Alan Albright of the U.S. District Court for the Western District of Texas reportedly signed off on the deal, but terms were not disclosed.
Koss is engaged in the design, manufacture and sale of stereo headphones and related accessory products.
KOSS Price Action: Koss has a 52-week high of $13.26 and a 52-week low of $5.
The stock was up 31.4% at $10.31 at press time, according to data from Benzinga Pro.
Photo: Array Heart from Pixabay.
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