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What: Shares of InterDigital (NASDAQ:IDCC) have gotten crushed today by as much as 20% after the company lost a patent suit against several smartphone makers.

So what: An administration judge overseeing the International Trade Commission investigation found that Nokia, Huawei, and ZTE did not infringe on InterDigital's intellectual property. InterDigital said it strongly disagrees with the finding and will petition for review.

Now what: LG Electronics was initially part of the complaint, but opted to settle with the company. A final determination will be made by October 28. InterDigital's business hinges upon patent lawsuits, underscoring the legal risks that it faces when attempting to license IP. The company will host a conference call tomorrow morning to discuss the implications with investors.

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