ParkerVision plunges after judge rules against company in its lawsuit against Qualcomm

Associated Press

Shares of ParkerVision tumbled Monday after a judge ruled against the company in a patent infringement lawsuit.

ParkerVision sells equipment for mobile communications networks. It filed a patent-infringement lawsuit against Qualcomm in July 2011. A jury awarded ParkerVision $173 million in October, but the company said Monday that a judge ruled in Qualcomm's favor.

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Shares of ParkerVision Inc. lost $3, or 60 percent, to $2.01. Earlier the stock hit a two-year low of $1.21.

The company said Judge Roy Dalton of the U.S. District Court in the Middle District of Florida granted two Qualcomm Inc. motions, entering a judgment that the company did not infringe on patents belonging to ParkerVision.

The Jacksonville, Florida, company said it is disappointed with Dalton's ruling and will appeal.