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Marvell Technology (Nasdaq: MRVL ) will pay an almost $1.17 billion penalty in a patent infringement case, according to a statement from the plaintiff, Carnegie Mellon University.
The lawsuit was brought in 2009 and concerned patents covering technologies used for reading data from high-speed magnetic disks. Carnegie Mellon alleged that the technologies were developed and patented by a professor and a Ph.D. student at the university.
In levying the penalty against Marvell, the jury also ruled against the company's assertions that the patents were not valid.
Marvell shares were down by over 10%, to $7.40, on the day the announcement was made.