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Why Pendrell Tanked

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Pendrell (Nasdaq: PCO  ) are tanking today, down by as much as half, on continued fallout from unfavorable legal news released last Friday after the market close.

So what: Late Friday evening, Pendrell announced that a court of appeals had overturned a 2008 jury verdict in litigation between its subsidiary ICO Global Communications and Boeing (NYSE: BA  ) . The court also awarded Boeing its appellate costs.

Now what: In October 2008, ICO was awarded $603 million due to a Boeing subsidiary being found guilty of fraud and breach of contract; it was ruled that Boeing had interfered with ICO's contractual rights regarding a satellite communications network. Boeing appealed in 2009. Pendrell CEO Ben Wolff said, "We are clearly disappointed with the court's decision and we are evaluating our options for further review."

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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Related Tickers

10/26/2016 1:19 PM
PCO $7.00 Down -0.10 -1.41%
Pendrell CAPS Rating: No stars
BA $144.86 Up +5.84 +4.20%
Boeing CAPS Rating: ****