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