Samsung shares fall after court verdict

Shares of tech giants, Samsung, have plummeted 7.5% in the Seoul Stock Exchange today after a U.S. jury condemned the company to pay 800 million Euros (1,000 million) for infringing patents US-based
Apple last Friday.

Google, which supplies the South Korean manufacturer’s Android operating system for its range of Galaxy phones and tablets, has broken the silence to talk about the penalty after learning the verdict.

"The appellate court will review both the infringement and validity of patents. Most of them do not correspond to the Android operating system kernel. Most are being re-examined by the Patent Office of the United States’
Mobile industry moves fast and all participants, including new entrants, on ideas that have been around for decades. Working with our partners to provide consumers with innovative and affordable products, and we want nothing to limit this.”

Samsung’s statement says: "History shows that has not yet reached the company that has won the hearts and minds of consumers, and achieved steady growth, when competing abusing patent law and not in the pursuit of innovation.”

The Seoul Stock Exchange ended the session with a slight decline of 0.1% attributed precisely to the losses suffered by the largest technology company in the country, the main benchmark stock index South Korea.

Logical stock analysts see an "adjustment" in the coming days of the action of Samsung, because the damage caused by the court ruling is much worse than the market had expected.

Also because the judge could extend the compensation and, worse, prevent the sale of terminals that violate the company’s patents of Cupertino (California) in the U.S. market.

Meanwhile, Nokia’s shares have risen 12% since it became known the court verdict, in a boost for a company that is trying to regain its former primacy in the mobile phone market.

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Posted by Farasat Ali on Aug 27 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry