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What: Shares of ParkerVision (NASDAQ:PRKR) plunged a harrowing 63% Monday after the company announced that it has received a negative judgment in its years-long patent infringement case against Qualcomm (NASDAQ:QCOM).
So what: On one hand, the District Court did uphold a previous jury decision that ruled ParkerVision's patents are valid. On the other hand, however, the court also granted two of Qualcomm's motions, entering a judgment that Qualcomm did not infringe on those patents.
Now what: You might recall this confirms worries which cropped up last month after comments on royalties in the case from ParkerVision CEO Jeffrey Parker. At the time, Parker curiously suggested that investors' focus shouldn't be on the trial, but rather on "meaningful revenue generating agreements" the company anticipated would develop the rest of this year.
Unsurprisingly, Parker noted that they're "obviously disappointed" with the judgment for Qualcomm on non-infringement, while at the same time insisting they plan to appeal the ruling. Even so, with its dwindling cash balance and none of the aforementioned agreements having materialized to date, I just can't get behind ParkerVision today.
Steve Symington has no position in any stocks mentioned. The Motley Fool owns shares of Qualcomm. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.