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Immersion (IMMR) Resolves Motorola Mobility (MMI) Patent Litigation; Shares Jump

 November 27, 2012 10:46 AM
 


(By Balachander) Immersion Corp. (NASDAQ: IMMR) said it has resolved patent infringement litigation bought by the company against Motorola Mobility LLC (NYSE: MMI), a unit of Google Inc. (NASDAQ: GOOG).

Shares of IMMR surged 19.20 percent to trade at $5.59 on Tuesday.

On Tuesday, the provider of TouchSense technology announced a settlement and license agreement with Google and Motorola.

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Immersion's technology provides haptics, or tactile feedback technology, in mobile phone, automotive, gaming, medical and consumer electronics products. Immersion has over 1,200 issued or pending patents in the U.S. and other countries.

According to Immersion, the litigation was initiated based on Motorola's various uses of a simple form of haptic effects in its mobile devices, sometimes referred to as basic haptics.

"While the terms of the settlement will remain confidential and are not anticipated to have a material impact on our financial results for 2012, this settlement is a great step forward in validating the value of our IP portfolio and the investments we have made in the mobile market," said Immersion CEO Victor Viegas.

Under the terms of the settlement and license agreement, Immersion will receive compensation for prior shipments of Motorola devices containing basic haptics technology.

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In addition, the parties have agreed to a license relating to future shipments of Motorola devices with basic haptics, and have resolved certain issues with respect to Google-branded smartphones containing basic haptics.

The agreement does not extend to other manufacturers' handsets that use the Android operating system, Immersion said.

Following the settlement, Immersion said it will dismiss all pending litigation between the company and Motorola.

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