NEW YORK (AP) — 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.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer