Marvell Technology Group Ltd. said it will seek to overturn a $1.17 billion jury verdict, one of the biggest awards on record, for infringing integrated-circuit patents held by Carnegie Mellon University.
The shares have dropped 13 percent in the past two days to their lowest level since March 2009, after a federal jury in Pittsburgh yesterday hit the maker of chips for computers and mobile phones with the fourth-largest U.S. patent verdict ever, according to data compiled by Bloomberg. All three verdicts bigger than the one against Marvell were reversed on appeal.