Eastman Kodak (NYSE:EK) has reportedly sued Apple (NASDAQ:AAPL) for infringing on four patents with its iPad and iPhone, offering a sign of desperation as the troubled camera maker relies on a batch of patents as its only lifeblood.
Kodak says the patented technology in question allows digital camera users to share images without first transferring them to personal computers, according to a report by Reuters.
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In the lawsuit, filed in a Rochester, N.Y. federal court, the company said it seeing compensatory and triple damages, the report said.
The news comes the same day that Kodak says it is realigning its financial reporting structure, separating the commercial printing and film businesses as part of turnaround efforts.
In November, the company said it would need to sell a key patent portfolio or borrow money to continue funding operations, as its margins continue to be squeezed from years of declining demand in its traditional film business.
The company is seeking to sell the digital imaging patents, which some analysts have estimated could be worth more than a billion dollars.
Shares of Kodak were up some 50% at Tuesday's close to 60 cents.
This isn’t the first patent battle between the two companies. Last summer, a judge ruled in favor of Kodak after Apple alleged Kodak infringed on some of its image processing patents.