Samsung has lashed out at Apple after losing its high-profile US court battle over patents that led to a $12bn loss in market value for Samsung as investors withdrew support.
Samsung’s share price fell 7.5% in Seoul, South Korea on Monday as shareholders reacted to the $1bn fine imposed by a US court on Friday for copying key elements of Apple iPhone.
The embattled South Korean company is hoping its drive to innovate will retain the loyalty of consumers. In closing arguments last week, Samsung’s lawyers said that victory for Apple would mean less choice for consumers.
In an internal memo issued after the verdict, Samsung management said: "History has shown there has yet to be a company that has won the hearts and minds of consumers and achieved continuous growth when its primary means to competition has been the outright abuse of patent law, not the pursuit of innovation.
“We trust that the consumers and the market will side with those who prioritise innovation over litigation, and we will prove this beyond doubt."
Ahead of the verdict, analysts said a victory for Apple could lead to the company broadening its attack on other handset makers that use Google's Android operating system and could boost Microsoft partner, Nokia, which is expected to announce new smartphones next month.
In line with those predictions, Google’s shares fell 1.4% while Nokia shares gained 9% on Monday in New York, according to the Guardian.
Apple’s shares gained almost 2% on news of the patent battle victory.
Samsung has said it will appeal against the verdict, but Judge Lucy Koh could triple the fine because the jury found Samsung's infringement of Apple's patents and designs was "willful".
Apple will also be able to apply for an injunction against the 24 smartphones and tablets named in the suit at a hearing scheduled for 20 September.
In a similar trial that also ended last week, a South Korean court ruled that Apple and Samsung Electronics infringed each other's patents.
Both parties were ordered to pay compensation. Samsung must pay Apple $22,000 while Apple must pay its rival $35,000.
Read more about the Apple Samsung patent trials
- Judge scolds Samsung in Apple patent trial
- Samsung lawyer defends actions in patent battle with Apple
- Samsung rejects Apple claim that it copied iPhone
- US jury to consider Apple, Samsung patent battle
- Apple and Samsung take patent fight to California