Shares of ParkerVision Inc. (PRKR) plunged 40% after a hearing before the Court of Appeals for the Federal Circuit of the federal court ruling throwing out a $170 million verdict the licensing company previously won against Qualcomm.
ParkerVision shares plunged 27 cents to 39 cents today in trading. They've traded between 33 cents and $5.32 cents over the past year.
The attorneys for ParkerVision "did not handle the technical questions of the court well and that's why the stock is down," said Greg Lewin, who manages money for Lewin Capital Partners in Stamford, Conn. "It's terribly disappointing. Certainly not a good day."
The poor performance of ParkerVision's attorneys "may not be fatal" for the licensing company because hearings typically last only about 15 minutes and the great majority of decisions by the Federal Circuit are based on legal briefs, Lewin said.
Lewin is still holding on to his investment in ParkerVision because it has many other potentially valuable infringement claims. He said he doesn't stand to lose much more if it goes to zero, and, if ParkerVision gets lucky in its other cases, it could soar to $7.
Attorneys and officials for Jacksonville, Florida-based ParkerVision, which is run by CEO Jeffrey Parker, did't return telephone calls seeking comment.
Attorneys and officials for Qualcomm also couldn't be reached for comment.
The plunge in ParkerVision's stock price comes two weeks after the company said it was facing delisting from the Nasdaq because its stock price was below the minimum requirements. The latest plunge will make it even more challenging for the company to avoid being delisted.
ParkerVision is expected to report first quarter earnings on Monday and will hold a conference call to discuss its results at 4:30 pm New York time.
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