Rambus Inc. (NASDAQ:RMBS) is seeing a surge in trading this morning. The chip process designer announced that the FTC issued an order dismissing the remainder of its case against Rambus after a recent denial of the Commission’s request for certiorari with the United States Supreme Court to review the Rambus case. According to Rambus, this brings the seven-year matter to a close.
The FTC also indicated that it would not pursue further proceedings against Rambus in this matter. This round of charges first came against Rambus in 2002 relating to Rambus’ 1992 to 1995 participation in an industry standard setting committee. A 3-month trial was held in the spring of 2003 and the judge issued an initial decision exonerating Rambus with over 1,600 findings of fact in its favor in early 2004 (according to Rambus).
The FTC’s own Complaint Counsel appealed the ALJ’s decision, which reversed the ALJ and found Rambus liable for violating Section 2 of the Sherman Act. Rambus appealed that decision, the Court of Appeals (D.C.) vacated the FTC orders and the Supreme Court denied the Commission’s request for review.
Rambus closed down about 7% yesterday at $10.78, but shares are up 9% pre-market at $11.85 in active trading of more than 300,00 shares (9:11 AM EST). Its 52-week trading range is $4.95 to $22.79.
JON C. OGG
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