Shares in Irvine-based computer memory products maker Netlist (OTCQB: NLST) shot up more 40% after the company announced it had been awarded $303 million in a patent infringement verdict against Samsung of South Korea.
The jury in the U.S. District Court for the Eastern District of Texas agreed that Samsung had infringed five Netlist patents, the OC-based company said in a statement today.
“The jury verdict left no doubt that Samsung not only willfully infringed Netlist patents, but currently uses Netlist technology without a license on strategic products which collectively represent the future of Samsung’s memory business,” C.K. Hong, Netlist’s chief executive officer, said in the statement.
The shares had settled back to $5.51 apiece for a market cap of $1.3 billion for a 38% rise as of 1:30 p.m. in New York.
