ParkerVision Shares Fall as Patent Jury Award Disappoints -- Update
(Updates with statement from Qualcomm and ParkerVision's latest stock movement.)
By John Kell
Shares of ParkerVision Inc. (PRKR) slumped on Thursday after a Florida district court jury awarded the chip maker far fewer damages than the company sought in a patent-infringement case against larger rival Qualcomm Inc. (QCOM).
The company said the jury awarded it $173 million in past damages for Qualcomm's "direct and indirect infringement of ParkerVision patents." The jury also found that ParkerVision didn't provide its claims of willfulness, which would have allowed the judge to boost the damages awarded by the jury.
ParkerVision's shares tumbled 53% to $3.35 in recent trading, trading far off the broader market's rally. Investors were disappointed in the jury ruling, as ParkerVision had last month disclosed it was seeking nearly $500 million in damages.
The company's stock decline erased nearly all of the gains made in the wake of ParkerVision's announcement last week that it had won an initial jury ruling in the case.
ParkerVision claimed in a suit filed in July 2011 that Qualcomm infringed six of its patents in the development and sale of certain products. The infringement claims relate to radio-frequency receiver technology used in wireless devices like smartphones.
"Overall, this is a significant win for ParkerVision, proving that our technologies have a meaningful place in the wireless market," ParkerVision Chief Executive Jeffrey Parker said.
Christine Trimble, vice president of public affairs for Qualcomm, said the company was "disappointed by the award of damages."
"We are grateful for the jury's hard work throughout this trial and for the verdict of no willfulness," Ms. Trimble said. She added Qualcomm is preparing an appeal.
The trial, which began earlier this month, was held in two phases. The first portion addresses the infringement allegations, and the second phase determined the scope of damages awarded and whether Qualcomm is also guilty of willful patent infringement.
Write to John Kell at firstname.lastname@example.org
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