18 Jul '11, 9am

HTC shares take a tumble after losing preliminary ruling in patent tussle with Apple

TAIPEI - Shares in Taiwanese smartphone maker HTC tumbled as much as 6.5 per cent on Monday after losing a preliminary ruling in a patent case with Apple Inc, with its announcement of a share buyback failing to stem the fall. On Friday Apple won a preliminary ruling from a US trade panel that HTC infringed on two of the California company's patents, the first step in an acrimonious dispute between the two in the cut-throat smartphone market. HTC, with an eye on the damage to its shares from the ruling, said over the weekend it would buy back up to 20 million of its own shares before Sept 17, or about 2.4 per cent of its outstanding shares. The buyback price will be between T$900 (S$37.89) and T$1,100 (S$46.31) per share. The first 10 million will be bought back from July 18 and the second from Aug 18. The company will give half the bought-back shares to staff and retire th...

Full article: http://www.todayonline.com/Business/EDC110718-0000111/Tai...

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