Masimo Corp., an Irvine-based maker of medical devices, won its case alleging intellectual property theft by Apple Inc., the world’s most valuable publicly traded company.
The U.S. International Trade Commission (ITC) on Thursday issued an order that could bar Apple from importing its Apple Watches after finding the devices violate Masimo’s patent rights. The full commission upheld a judge’s ruling from January that Apple violated Masimo’s rights in light-based technology for reading blood-oxygen levels.
After the ruling was issued, shares of Masimo rose 12% in after-hours trading to $90.26 each. Masimo has a $4.2 billion market cap. Apple shares were unchanged; it sports a $2.6 trillion market cap.
The Biden’s administration will have 60 days to decide whether to veto the import ban. Presidents have rarely vetoed bans in the past and Masimo Chief Executive Joe Kiani has been a long-time supporter of President Joe Biden.
The decision “sends a powerful message that even the world’s largest company is not above the law,” Kiani said in a statement.
Apple accused Masimo of abusing the trade court and said it would appeal the decision in federal courts.
