Wi-LAN Inc. (
TSX: T.WIN,
Stock Forum) stock plunged in heavy trading Thursday following an adverse court ruling against the Ottawa-based company in a patent-infringement battle with
Apple Inc. (
NASDAQ: AAPL,
Stock Forum).
Wi-LAN shares were down about 24 per cent, with more than 3.5 million traded on the TSX within the first half hour of trading Thursday.
Priced at $3.07, Wi-Lan has a market cap of $369.2 million based on 120.3 million shares outstanding. The 52-week range is $5.59 and $3.27.
As reported by Stockhouse Wednesday, a Texas jury determined that U.S. Patent No RE37,802 was not infringed upon by Apple, invalidating claims made by the company in court.
The company said in a press release it is disappointed with the decision, but reminded shareholders of its “strong financial position.”
For the third quarter of 2013, ended September 30, 2013, the company said revenues will be $20.7 million, which is in line with previous guidance.
Since refocusing the company on intellectual property licensing in mid-2006, the company said it has signed more than 270 license agreements worth between $725 million and $750 million. (With files from The Canadian Press).