Apple Inc. (NASDAQ: AAPL) has been directed by Federal Jury to pay around $308.5 million to Personalized Media Communications LLC (PMC) for violating a patent linked to digital rights management. The Jurors has made the ruling according to which the US-tech giant is bound to pay the royalty to PMC.
The amount of royalty payment will be based on the number of sales of a product or service. PMC which is recognized as a licensing firm had initially filed a lawsuit against Apple in 2015 claiming that the iTunes service of the tech giant has breached seven of its patents.
Shares of Apple Inc. (NASDAQ: AAPL) plunged 0.45% after it lost -0.54 during the trading session of Friday. In the past 52-weeks of the trading session, the firm’s share has fluctuated between the 52-week low range of $53.15 and a 52-week high range of $145.09. Apple Inc.’s share went up 125.75% from its 52-week low and -17.30% from its 52-week high. Apple Inc has a total market capitalization of $2029.88 billion at the time of writing.
AAPL has successfully questioned the case of PMC at the U.S. patent office, but a petitions court in March last year overturned that decision, opened the path for the trial. PMC has breach cases pending against firms including Amazon.com Inc, Netflix Inc, and Alphabet Inc’s Google.