Diamonds and Dogs
7/15/13Wi-Lan Inc. (WILN)
Wi-Lan is trading into the red today, down 31.99% at $3.21. The communication and consumer electronic company saw its shares crash after news of its litigation verdict. Wi-Lan announced that a trial jury in ongoing litigation against Alcatel-Lucent USA Inc., Ericsson Inc., HTC Corporation and Sony Mobile Communications in the United States District Court for the Eastern District of Texas, Tyler Division, determined that the four patents in suit were found not infringed. Certain claims in three of the four patents were found invalid. The company is clearly disappoint with the jury's findings and is reviewing its options. Wi-Lan shares fell to a new 52-week low of $3.15 intraday.
Leap Wireless International Inc. (LEAP)
Leap Wireless hit the daily double today, up 112.41% at $16.95. The digital wireless company (known for Cricket Wireless) saw its shares more than double after that AT&T made an offer to buy-out the company. AT&T has offered $15 per share in cash, valuing Leap at $1.2 billion. In addition, Leap shareholders will receive the net proceeds from the sale of spectrum in Chicago, which Leap purchased last year for $204 million. AT&T will add around 5 million more subscribers, and also bolster its spectrum. The deal has been met with some backlash, with outsiders valuing Leap for more than the $1.2 billion offered. Leap shares leapt to a new 52-week high of $17.25 intraday.