TiVo Stock Socked After Award Delay
Penalty phase of patent-infringement lawsuit against EchoStar delayed until October or November.
By Robert Marich -- Broadcasting & Cable, 9/5/2008 6:34:00 AM
Shares of TiVo slumped 16.5% Thursday with word that a court decision in the penalty phase of its so-far-successful lawsuit against EchoStar was delayed until October or November.
TiVo shares fell $1.44 to close at $7.31 each Thursday.
TiVo won a patent-infringement lawsuit against EchoStar in August 2006, and damage and appeals have dragged on since then in federal courts.
TiVo is now seeking $220 million in damages for lost profit and royalties for the 18 months since the original 2006 verdict, while EchoStar said $16 million is correct. TiVo is pressing damages for continued violations, while EchoStar said it now uses revised technology that does not infringe.
The damages stem from a 2006 jury finding that EchoStar illegally used the TiVo-invented feature called “time warp” that allows users to scan through a television program while it is recording.
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