Neowin reports investors dumped HTC shares as a result of a ruling by the International Trade Commission (ITC) that the smartphone maker violates two of Apple's patents:
As a result of the recent International Trade Commission (ITC) ruling that Taiwanese phone manufacturer HTC violated two of Apple’s patents, HTC’s share prices have plummeted. Due to the fears of an import ban on HTC devices into the United States as well as the possibility of having to pay royalty fees to Apple, shares have been falling throughout the past week, and today fell as much as 6.5% as investors panicked.
As the Financial Times reported, HTC announced over the weekend that they would spend between T$18bn and T$22bn (US$622.3m-$760.6m) to buy back 2.44% of its outstanding shares in an attempt to stop their shrinking stock price. Despite the companies' best efforts to stabilize the dropping price, their stock fell to T$871 to close down 3.9% at the end of trading.