Xperi (NASDAQ:XPER) shares close today down 13.95% after the company updates its legal proceedings against Broadcom (NASDAQ:AVGO).
The German Federal Patent Court says the patent Broadcom was accused of infringing might be invalid “for various reasons.”
The Court’s statement wasn’t the final decision but a remark ahead of a January 25 hearing.
Xperi’s subsidiary Invensas will submit a response to the Court on December 6.
“We think the Court's reasoning in its preliminary statement is flawed, and we look forward to having the opportunity to provide further briefing and arguments at the hearing in January,” says CEO Jon Kirchner.