Akoustis Technologies, Inc. (NASDAQ:AKTS), a developer of patented bulk acoustic wave (BAW) high-band RF filters for mobile and other wireless applications, announced on Monday that it is appealing a recent court judgment.
The company is challenging the decision by the U.S. District Court for the District of Delaware in the case of Qorvo Inc (NASDAQ:QRVO). vs. Akoustis Technologies, Inc., which resulted in a ruling against Akoustis.
The judgment, dated November 29, 2024, ordered Akoustis to pay approximately $38.6 million in damages, about $18.4 million in attorneys' fees, pre-judgment interest, and post-judgment interest. Additionally, a permanent injunction was issued, as detailed in the company's previous Form 8-K filing on October 17, 2024.
The above news is based on an SEC filing.
The stock has experienced significant volatility, with an 87.88% decline year-to-date, though it's currently trading below InvestingPro Fair Value. The company has made it clear that these statements are based on current expectations and projections, which may change over time. For comprehensive analysis including Fair Value estimates and detailed financial metrics, investors can access the full Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Akoustis Technologies is navigating through a series of significant developments. The company reported a 7% increase in Q3 FY2024 revenues, totaling $7.5 million, and secured multiple orders for its high-band RF filters, including a $13 million order for XBAW® filters for Wi-Fi Access Points.
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