Samsung sheds over $1 billion in market value after U.S. Trade Representative Froman vetoes Apple ban

13 years ago

“The South Korean government on Monday expressed concern over the Obama administration’s decision to veto an import ban on some Apple Inc. products in the U.S., saying the decision may negatively impact Samsung Electronics Co.’s patent rights,” Min-Jeong Lee reports for The Wall Street Journal.

“In a statement, the government said it would closely watch the U.S. International Trade Commission’s decision Friday, when the trade body is expected to decide whether to ban U.S. imports of certain Samsung Galaxy mobile products following an earlier Apple complaint alleging patent violation,” Lee reports. “Should the ITC decide to ban the Galaxy products subject to the decision Friday, legal experts say Samsung may opt to lobby for a similar veto. The products that are subject to a ban include Samsung’s older models such as the Galaxy S, Galaxy S II and Galaxy Tab 10.1, among others.”

“More than $1 billion was wiped off Samsung’s market value on Monday after the surprise veto, with shares ending 0.9% lower at 1,274,000 won [$1.133 billion]. The South Korean company declined to provide comments Monday on what it expects from the International Trade Commission later this week,” Lee reports. “Over the weekend, U.S. Trade Representative Michael Froman made the decision to veto the ban on some Apple devices, citing concerns about patent holders gaining ‘undue leverage’ as well as potential harm to consumers a ban would bring.”

Lee reports, “Samsung is expected to continue to pursue its patent cases through various courts, though in the longer term it would make sense for the two companies to strike a royalty deal on patents, legal experts say.”

Read more in the full article here.

MacDailyNews Take: $1 billion is a drop in the bucket considering how much the thieving bastages have already stolen from Apple.