Marvell shares fall on jury decision
Marvell shares tumble after jury finds it liable for $1.17 billion in patent case
SANTA CLARA, Calif. (AP) -- Shares of chip maker Marvell Technology Group fell 10 percent on Wednesday after a jury found the company liable for patent infringement in a case filed by Carnegie Mellon university in 2009.
According to SEC filings, the jury found in favor of Carnegie Mellon and awarded the university nearly $1.17 billion. A judge still needs to approve the verdict.
According to court filings the patents relate to a type of "noise predictive detection" that is used to detect data stored on a hard-disk drive.
Marvell did not return a call for comment. The case was tried in the U.S. District court for the Western District of Pennsylvania.
Marvell shares fell 85 cents, or 10.3 percent, to close at $7.40. Shares fell 16 cents to $7.24 in after-hours trading. Before Wednesday the stock was down 40 percent for the year.
