Newspaper article The Florida Times Union

Court Denies ParkerVision Request for Hearing; Company Stock Has Plummeted after Verdict Overturned

Newspaper article The Florida Times Union

Court Denies ParkerVision Request for Hearing; Company Stock Has Plummeted after Verdict Overturned

Article excerpt

Byline: Drew Dixon

Jacksonville's ParkerVision Inc. suffered another blow this week in its legal battle over the company's patents when the U.S. Supreme Court declined a company request to review the claim of patent infringement by mobile communications giant Qualcomm.

The high court Monday denied ParkerVision's petition for review over the lawsuit against Qualcomm that was originally filed in July, 2011, a company statement said.

ParkerVision actually won the lawsuit when a jury ruled Qualcomm infringed on ParkerVision's mobile technology patents. The case resulted in a jury verdict worth $173 million in damages for ParkerVision.

A U.S. District Court judge overturned that decision.

The U.S. Court of Appeals for the Federal Circuit in Washington, D.C., in July upheld the judge's decision which led to ParkerVision filing a petition with the U.S. Supreme Court.

Since the high court denied the petition, ParkerVision's stock has plummeted. ParkerVision shares on the Nasdaq stock exchanged dropped from about 34 cents a share midday Monday to 30 cents a share at the close of trading.

The sliding stock value for ParkerVision has been profound. In October 2013, the stock was worth as much as $7.35 per share on Nasdaq shortly after the jury verdict was reached and ruled ParkerVision was owed damages. In fact, trading for ParkerVision stock was so intense at the time that trading was temporarily halted on the exchange. But the ensuing appeal and reverse decisions prompted a steady decline in the stock value.

As a result, ParkerVision announced Tuesday morning that it was instituting a reverse stock split - which means the company will divide its current shares and in the case of ParkerVision, company officials said they will offer a one-for-10 split.

"Every 10 shares of the company's common stock issued and outstanding on the effective date will be combined into one issued and outstanding share," to a company statement.

The move is designed to enhance the value of each share and the split price for ParkerVision stock will be official Wednesday morning at the start of trading.

ParkerVision founder and CEO Jeffrey Parker acknowledged the latest developments are detrimental for his company. …

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