Quarterhill shares rocket after Apple ordered to pay Ottawa-based company US$145mln in patent infringement case
Shares of Quarterhill (TSE:QTRH, NASDAQ:QTRH) soared on Thursday after its subsidiary WiLAN Inc., was awarded US$145.1-million in damages in a patent infringement case against Apple Inc. (NASDAQ:AAPL).
The Ottawa-based technology company’s shares jumped 28.8% to C$1.79 in afternoon trading on Thursday.
The patents reportedly involve wireless technology used in versions of Apple’s iPhones.
READ: Apple beats Amazon in race to a $1 trillion market cap
WiLAN is a unit of Quarterhill. Last year, as part of a strategy change, the company shifted to focus on patent licensing.
The rise in shares came on the heel’s of a decision on Wednesday, where a California jury found that versions of Apple’s iPhone infringed on two WiLAN patents relating to wireless communications technology, the company said in a statement.
This is not the first time a legal issue between WiLAN and Apple has arisen. A US jury in 2013 ruled in Apple’s favour in a case in which WiLAN had sought $248-million in damages.
Apple has confirmed it plans to appeal the decision.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202144/quarterhill-shares-rocket-after-apple-ordered-to-pay-ottawa-based-company-us145mln-in-patent-infringement-case-202144.html
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