Vonage Holdings Corp. must pay $58 million plus monthly royalties to Verizon Communications Inc. for infringing three patents on Internet-telephone service, a federal jury ruled.
Vonage shares fell to a record low.
Verizon asked for a court order banning Vonage's use of the technology following today's verdict in Alexandria, Virginia. The order would cripple Vonage by allowing it to handle only calls between the company's customers, Verizon lawyer Peter McCabe said.
A hearing was set for March 23.
"This is a big negative surprise" for Vonage, said Clayton Moran, an analyst with Stanford Group in Boca Raton, Florida, who rates the shares "hold" and doesn't own them. "It makes it more difficult for an already challenged business to get to profitability."
New York-based Verizon, the second-largest U.S.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment