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Monday, Aug 26
Marvell denied mistrial request in Carnegie Mellon suit, shares slump
- The suit resulted in Marvell (MRVL -1.8%) getting hit by a $1.17B patent infringement verdict by a Pittsburgh jury last December. Marvell is in the midst of appealing the verdict.
- In requesting a mistrial, Marvell had argued Carnegie Mellon's lawyer had made misleading and prejudicial remarks that "inflamed" the jury. But a U.S. District Judge was unconvinced.
- Shares are adding to the losses they saw on Friday following Marvell's FQ2 report (the result of light gross margin guidance).
- Last week, a Texas jury cleared Marvell of infringement in a case brought by private Lake Cherokee Hard Drive Technologies.