A U.S. federal court jury in Kansas City today found Vonage guilty of willfully infringing on six patents held by Sprint Nextel. The jury awarded Sprint Nextel $69.5 million in damages, which is 5% of Vonage’s revenues over the infringing period.
The jury agreed with six out seven complaints filed by Sprint back in 2005.
Vonage reacted quickly, stating that it will ask the court to “set aside the verdict”. If this motion is not granted, the company will “vigorously pursue an appeal of the decision, including the underlying issue of liability and the willfulness aspect,” Vonage said.
Vonage shares fell 34% or $0.66 following the ruling and closed at $1.30 – the lowest value since the firm’s IPO in May of 2006.