Apple (AAPL) Stock Slides After Judge Calls for New Trial in Apple v. Samsung

By Mar 2, 2013, 8:07 AM Author's Blog  

Apple (AAPL)’s stock dropped to a 13-month low on Friday, after a U.S. district judge slashed $450 million of the $1.05 billion in damages awarded to Apple in its patent-infringement lawsuit against Samsung last August.

In a 27-page order released Friday, Judge Lucy Koh of the United States District Court in San Jose, Calif. said of the 28 infringing products in Apple v. Samsung, the jury had incorrectly calculated part of the damages against 14 Samsung devices and that a new trial was needed since “the Court has identified an impermissible legal theory on which the jury based its award and cannot reasonably calculate the amount of excess.”

“When a Court detects an error in the jury’s damages verdict,” Judge Koh wrote in her ruling, “the Court has two choices: the Court may order a new trial on damages, or the Court may reduce the award to a supportable amount.”

On Friday she did both, reducing Apple’s award to cover only 14 of 28 devices at issue and ordering a new trial on the other half. Those devices include, according to a FOSS Patents report:

“Galaxy Prevail, Gem, Indulge, Infuse 4G, Galaxy SII (AT&T), Captivate, Continuum, Droid Charge, Epic 4G, Exhibit 4G, Galaxy Tab, Nexus S 4G, Replenish, and Transform.”

After affirming the remainder of the award, which amounts to $598.9 million, the Judge rejected Apple’s request for supplemental damages and granted Samsung’s motion for a new trial to reconsider the damages.

The new trial will determine how much of the $450 million, if any, should be restored.

Shares in Apple closed down $10.93, or 2.48 percent, at $430.47.

Here is Koh’s full ruling, via AllThingsD.

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