PALM hit with Patent infringment lawsuit
NEW YORK (AP) -- NTP Inc. a private patent holding firm, said Monday it filed a patent infringement lawsuit against Palm Inc., a maker of handheld gadgets and smart phones.
The company said it seeks injunctive relief "to prevent Palm from continuing to infringe on NTP's patents directly and indirectly," as well as monetary damages it did not specify.
A representative for Palm could not immediately be reached for comment.
In March, Palm rival Research in Motion Ltd. agreed to pay NTP $612.5 million to settle a four-year patent dispute.
The stock has dropped to a session low of $14.06 and is trading around $14.20. We are advising subcribers to hold this position until at least tomorrow to see if there is an over reaction of this issue. For SUBCRIBERS who are interested in holding this issue for the long term,should also just hold tight for at least 24 hours and let the impact sort itself out
We are HOLDING our PALM 15 short put , even if it closes under $15 today, until we advise you otherwise or at least until tomorrow