Garmin Ltd. (NASDAQ:GRMN) is trading up in pre-market trading today. The GPS consumer device maker has announced that it has entered into a confidential global settlement of all of its intellectual property litigation with TomTom.
The settlement appears to be broad-based as it resolves all pending intellectual property litigation including cases in the U.K. and Netherlands, as well as cases filed in Wisconsin and Texas.
Details of the agreements are not being disclosed, but it is obvious that this is being viewed as a win. Companies who have failed to settle their patent litigation and have had rulings go the other way have seen shares hit hard, and it appears that Garmin took notice of its falling share price and decided this was a better way out. It isn’t Garmin, but we have a GPS-related stock coming out this week in our Special Situation Investing Newsletter that is still independent, but we feel will be acquired sooner rather than later.
Garmin shares are up 2.5% in pre-market trading at $87.75. Its 52-week highs were $125.68. Losing one-third of your share price usually tips managements hand.
Jon C. Ogg
November 15, 2007
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