Apple Moves to Overturn Record $5.7B Patent Verdict, Citing Judge's Doubt
AAPL sits 42% above its 52-week low of $243.42 on light trading volume (0.2× avg).
Summary
Apple filed a motion Tuesday asking a San Diego federal judge to overturn the $5.7 billion patent verdict Taction Technology won last month over haptic feedback in iPhones and Apple Watches. The company argues the award, the largest US patent verdict in history, was 'untethered to any evidence at all.' Apple also pointed to Judge Todd Robinson's comment before the verdict was read that he was 'not sure that the figure that appears on the verdict form is what the jury meant to convey.' Several other US patent verdicts over $1 billion have been overturned or reduced in the past. The motion is a direct challenge to the September 25 jury finding that Apple's Taptic Engine infringed two Taction patents. A ruling on the motion could eliminate or sharply reduce the liability, a material swing for Apple's balance sheet and litigation risk.
At the time of this announcement, AAPL was trading at $345.26 on NASDAQ in the Technology sector, with a market capitalization of approximately $5T. The 52-week trading range was $243.42 to $348.15. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.