Apple (AAPL) Seeks $2B From Samsung

Shares of Apple Inc. (AAPL) were trading up +3.00 or +0.56 percent to $539.86 per share in pre-market trading on Monday, after news that Apple would be seeking $2 billion in damages from Samsung for infringing on five of its patents used in mobile phones and tablets. Apple stock closed at $536.86, down -0.60 or -0.11 percent in Fridayâ s regular trading session.

Cupertino, California based Apple Inc., formerly known as Apple Computer Inc. is the second largest information technology company in the world by revenue, and the worldâ s third largest manufacturer of mobile phones after Samsung and Nokia (NOK). In addition to its line of Macintosh computers, the company also manufactures the iPod music player, the iPad tablet and the iPhone smartphone. The latest lawsuit filed in San Jose, California, focuses on Samsung infringing on five of Appleâ s patents used in some of Samsungâ s newer products, such as Galaxy Tab 10.1, Galaxy S III Galaxy Note II. The lawsuit is seeking $40 per device or $2 billion and will also involve Google (GOOG). Google engineers designed the Android operating system used in Samsung phones. The engineers will be put on the stand to testify as to how they were able to develop the Android operating system without using proprietary technology from Apple. Android Chief Engineer, Andy Rubin, who worked for Apple from 1989 to 1992, could testify and is listed as a potential witness in the lawsuit. Other potential witnesses from Samsung include Todd Pendleton, Samsungâ s head of marketing for the U.S. telecom division, and Google's Vice President of engineering, Hiroshi Lockheimer. Apple is expected to call Phil Schiller, marketing chief and also possibly Senior Vice President of iOS Software, Scott Forstall, among others. Samsung contends that it had licensed four of the five software features subject of infringement, and plans to use the testimony from the engineers that Google was already working on the operating system before the filing of any patents by Apple. Appleâ s asserted patents include: background syncing of data, hyperlinking, universal search capabilities found on Siri, auto-complete, and slide-to-unlock. According to Samsung, all of the same features incorporated on Galaxy devices are Android features, with the exception of slide-to-unlock functionality. In the latest development on the case, Samsung was overruled in its objection on showing a patent video with Apple devices to the jury. The video shows Apple products while describing the patent process. The video, produced in South Korea is called, â

Published on Mar 31, 2014
By Jay Hawk
Jay Hawk
Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.

Copyrighted 2016. Content published with author's permission.

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