Samsung's Market Cap A $12 Billion Casualty Of Patent-Infringement Case
By J.J. McGrath | August 27, 2012 1:30 PM EST
In the wake of the $1.05 billion verdict delivered Friday in the widely watched U.S. intellectual-property case won by Apple Inc. (Nasdaq: AAPL) and lost by Samsung Electronics Co. Ltd. (Korea: 005930), Samsung was battered in Korea Exchange trading Monday, with its share price sinking by more than 7 percent as of Sunday at 11 p.m. EDT.
The giant South Korean technology firm shed about $12 billion in market capitalization as a result of the rout, which came on significant volume (i.e., more than double the three-month average).
The decline in Samsung's share price was its largest percentage drop in four years, according to Bloomberg News. And its buffeting might not be over yet.
"An adjustment in the next few days is unavoidable as the damage amount was much bigger than market expectations, and there are further uncertainties such as the possibility of a sales ban," John Park, an analyst at Daishin Securities, was quoted as saying by Reuters.
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