Jury Awards ParkerVision $173M; Company Sued Qualcomm for Patent Infringement; Had Asked for $500M
Dixon, Drew, The Florida Times Union
Byline: Drew Dixon
Jacksonville-based ParkerVision Inc. was awarded $173 million Thursday by a jury in the company's lawsuit against Qualcomm Inc. over patent infringement relating to wireless mobile communication technology.
The award in the U.S. Middle District Court of Florida in Orlando sent ParkerVision's stock tumbling Thursday afternoon. It opened at $7 but quickly fell to below $3.
While the jury agreed last week with ParkerVision's claim of patent infringement in the lawsuit that began in 2011, the panel disagreed with the company in another element of the case. The jury said ParkerVision did not prove the claim that Qualcomm willfully violated the patents. The federal judge in the case must still rule on an outstanding request by ParkerVision to issue an injunction on Qualcomm preventing that company from using the technology any further.
ParkerVision had asked for $500 million.
ParkerVison CEO Jeffrey Parker said the case is key in the company's evolution.
"We appreciate the hard work the jury put into this case. Overall, this is a significant win for ParkerVision, proving that our technologies have a meaningful place in the wireless market," Parker said in a news release.
ParkerVision has blamed its steep financial losses on the loss of technological competitive advantage due to the patent infringement.
In the first quarter of this year, ParkerVision posted a $6. …