Apple Stock Unfazed by $5.7 Billion Patent Infringement Verdict
Apple's stock price held steady at $341 after a San Diego federal jury awarded Taction Technology over $5.7 billion in damages for patent infringement on Apple's iPhone and Apple Watch haptics. The verdict, announced on Friday after the market close, has yet to impact Monday's premarket trading, with the stock indicated at $340.68.
The lawsuit dates back to 2021 when Taction sued Apple over its Taptic Engine, which produces a tap-and-click feel in iPhones and the Apple Watch. A federal jury found that Apple infringed two of Taction's haptics patents, awarding damages of over $5.7 billion. The verdict is not willful, limiting the scope for increased damages.
Apple has vowed to appeal the decision, stating that the damages are 'entirely unsupported by the facts.' Despite the large award, it represents only 3.9 percent of Apple's cash pile and about 0.11 percent of its market value.