Memory chip maker Rambus has lost an anti-trust case it had filed against rivals Micron and Hynix, causing its shares to plunge by almost 61 percent.
According to Wall Street Journal (opens in new tab), after a two month long wait, the jury decided to throw out the anti-trust lawsuit filed by the company with a 9-3 vote, causing its share price to plunge.
Rambus had accused Micron and Hynix of price fixing and other anti-competitive practices that had caused its market share to tumble. The jury however, ruled that Micron and Hynix were not guilty of price fixing and other charges that had been brought against them.
Rambus had demanded $4 billion in compensation and punitive damages, an amount which could have been trebled to $12 billion if all the charges had been proven against the defendants. The company has vowed to appeal against the decision and keep on fighting as long as more channels were open for it.
"We are disappointed with this verdict as we believe strongly in our case. We thank our legal team and everyone who has supported Rambus in this case over the past seven years. We do not agree with several rulings that affected how this case was presented to the jury and we are reviewing our options for appeal," said Harold Hughes, president and chief executive officer of Rambus.