Marvell Tech shares slide on jury ruling
SAN FRANCISCO (MarketWatch) — Shares of Marvell Technology Group slid more than 11% late Wednesday afternoon following news of a jury ruling against the chip maker in a patent infringement case. According to a report in the Wall Street Journal, a jury in Pittsburgh, Penn., found that Marvell infringed on patents for chip technology used in data-storage systems. The case was brought by Carnegie Mellon University, which was awarded nearly .17 billion in the ruling. Marvell is based in Santa Clara, Calif. It’s shares were down 11.7% to .29 by late afternoon, close to a new low for a stock that is now down more than 47% for the year to date.
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