BlackBerry Ltd (NASDAQ: BBRY) is having an overwhelmingly strong time in the pre-market hours this morning, and for good reason. The company won a court case in which it was awarded a large amount of royalty overpayments back. As a result, investors got excited and the stock started to soar. Of course, our partners at Trade Ideas were the first to inform us of the gains. Currently (8:58), BBRY is trading at $8.90 per share after a gain of $1.20 per share or 15.58%.
BBRY Wins Case Against QCOM
BlackBerry has been in a bit of a legal battle as of late. The battle was with Qualcomm Incorporated over overpayments of royalties made by BBRY at the request of QCOM. However, that battle seems to be over today. In a binding arbitration decision, the company was awarded $814,868,350.00 in royalty overpayments. The company will receive final word on reasonable attorney fees after a hearing on May 30,2017. In a statement, John Chen, Executive Chairman and CEO at BBRY, had the following to offer…
“BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners… We are pleased the arbitration panel ruled in our favor and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BBRY. In particular, we’re interested in following the company through its ongoing transition away from smartphones and toward software and security as well as the company’s continued relations with QCOM. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.
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[Image Courtesy of Wikimedia]