| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Micron Technology Inc (NASDAQ:MU) has been ordered to pay $445 million in damages to Netlist Inc (OTC:NLST) for infringing on Netlist’s patents related to high-performance memory-module technology.
The decision was reached by a jury in the U.S. District Court for the Eastern District of Texas, reported Reuters.
Netlist had accused Micron of using its patented technology to improve the capacity and performance of memory modules in semiconductor-memory products.
The jury found Micron’s infringement to be willful, which might allow the judge to increase the damages up to threefold.
“We are grateful for the jury’s service, and their recognition of the importance of Netlist’s innovation,” said Netlist attorney Jason Sheasby, which the report quoted.
This follows a previous $303 million verdict Netlist secured against Samsung Electronics Co Ltd (OTC:SSNLF) last year in the same court.
The lawsuit filed by Netlist in 2022 claimed that Micron’s semiconductor memory-module lines infringed on three of its patents.
Micron had denied the allegations and contested the validity of Netlist’s patents. In April, a U.S. Patent and Trademark Office tribunal invalidated one of the patents, which could potentially reduce the damages awarded.
Related Read: Intel, Micron Among Winners In Biden’s $280B CHIPS Act For Semiconductor Advancement
In April, the company received a $6.1 billion grant under the CHIPS and Science Act to aid Micron’s commitment to investing about $50 billion in gross capital expenditures for domestic leading-edge memory manufacturing through 2030.
Micron has also raised its fiscal 2024 capital expenditure to $8 billion, higher than prior expectations of $7.5 billion.
Micron stock gained more than 89% in the last 12 months. Investors can gain exposure to the stock via Invesco Semiconductors ETF (NYSE:PSI) and REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI).
Price Action: MU shares are trading higher by 1.16% at $127.73 in premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
