Apple Denied Preliminary Injunction vs. Samsung
Apple Inc.’s (NASDAQ:AAPL) request for a preliminary injunction against Samsung Electronic’s products has been denied by a U.S. judge.
Apple had claimed that several of Samsung’s Galaxy smartphone and tablets were “slavishly” copying its iPhone and iPad devices. U.S. District Judge Lucy Koh in San Jose, CA, disagreed with Apple’s assertions because she didn’t believe Samsung’s products made enough of a threat that sales should be immediately barred.
This ruling came after Samsung won its appeal last week from another Apple injunction on Australian Galaxy Tab 10.1 sales.
In response to the court’s ruling, Samsung said in a statement,“We are confident that we can demonstrate the distinctiveness of Samsung’s mobile devices when the case goes to trial next year.”
Apple’s comment to the ruling was the same one that it had made when the dispute started, “It’s no coincidence that Samsung’s latest products look a lot like the iPhone and iPad, from the shape of the hardware to the user interface and even the packaging. This kind of blatant copying is wrong, and we need to protect Apple’s intellectual property when companies steal our ideas.”
Here’s how Apple is trading on the news:
Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $393.70, up $4, or 1.03%. They have traded in a 52-week range of $310.50 to $426.70. Volume today was 1,187,538 shares versus a 3-month average volume of 19,312,400 shares. The company’s trailing P/E is 14.22, while trailing earnings are $27.68 per share.