Wi-LAN (TSE:WIN), which owns patents for technology used in mobile phones, spiked to the highest in nearly two months after saying a U.S. federal judge determined that an October jury verdict improperly invalidated some of the Canadian company's claims in a dispute with Apple Inc. (NASDAQ:AAPL).
The shares rose 4.1 percent to C$3.33 at 1:11 p.m. in Toronto after reaching C$3.48, the highest intraday price since Feb. 18.
The Ottawa, Ontario–based company said in a statement today that the court was unable to find substantial supporting evidence for the jury’s finding and as such the invalidity verdict can’t stand.
However, the judge denied other aspects of Wi-LAN’s challenges to the verdict.
"We believed all along that the claims in our 802 patent were valid, and this decision just reaffirms that belief," Chief Executive Officer Jim Skippen said in the statement.
"We also believe that the judge's ruling will be of significant benefit to WiLan with respect to any future appeals we may make to the U.S. Federal courts concerning our ongoing intellectual property disputes with Apple."
In September 2011, Wi-LAN sued Apple, Alcatel-Lucent SA (NYSE:ALU), Dell Inc. (NASDAQ:DELL), Hewlett-Packard Co. (NYSE:HPQ), HTC Corp. (TPE:2498), Novatel Wireless Inc. (NASDAQ:NVTL) and Sierra Wireless Inc. (TSE:SW). Wi-LAN claimed patent infringement on certain technologies.
A jury ruled in favor of Apple in October. Wi-LAN previously settled with the other six defendants in the case.
The shares, which have six "strong buy" and one "hold" recommendations from analysts, have lost 6 percent so far this year, leaving the company with a market value of C$400.5 million.
