Shares of Samsung Electronics fell 7.5% Monday, decreasing the company’s market value by more than $12 billion. A San Jose, Calif. court judge ruled Friday that the South Korean tech manufacturer owed Apple $1.05 billion in damages on several incidents of patent infringement.
Meanwhile, shares of Apple stock hit an all-time high of $682.07 per share Monday morning.
The Calif. court ruling was announced around 4 p.m. PT on Friday after a three-week trial. The jury validated almost all of Apple’s claims that Samsung had copied the design of its devices, including several iterations of its iPhone, iPod touch and iPad devices. The jury found that Samsung also infringed upon an array of other Apple-patented features, including double-tap zoom and pinch-to-zoom.
The Samsung devices affected include the Galaxy S, Galaxy S II, Nexus S, Mesmerize, Vibrant, Fascinate, Skyrocket, Continuum, Prevail, Infuse, Gem, Mesmerize, Indulge, Replenish, Epic 4G Touch and Droid Charge smartphones, and the Galaxy Tab and Tab 10.1 tablets, among others. Those products could potentially be banned from sale in the U.S. Several Samsung and Apple devices have already been banned in other countries, including South Korea, due to patent infringements.
Apple and Samsung both have post-trial motions, and will return to court Sept. 20. On that date, Apple will ask the court to formally ban many of the Samsung devices the jury declared to be infringing on Apple’s patents.
Samsung will also appeal the rulings it lost, the company said Friday.
August 27, 2012