Investors who were looking to score an easy buck by grabbing gobs of Rambus stock in hopes that it would win a $3.95 billion jury trial are now looking for other ways to beef up their bank accounts. Rambus failed to convince nine out of 12 jurors that Micron and Hynix conspired against the company by fixing prices of DRAM chips, essentially driving a wedge between Rambus and Intel in collaborating on RDRAM. Adding insult to injury, Rambus stock took a nosedive after news broke that it had lost the trial by a 9-3 vote.
According to Bloomberg , Rambus fell as much as 78 percent, dropping $14.04 to $4 following the verdict. Micron, meanwhile, saw its stock jump by as much as 25 percent to $6.84. At the time of this writing, Rambus is trading at $7.11 and Micron at $6.74.
"We are disappointed with this verdict as we believe strongly in our case," Harold Hughs, president and chief executive officer of Rambus, told Bloomberg in an email. "We do not agree with several rulings that affected how this case was presented to the jury and we are reviewing our options for appeal."
Rambus said it was owed $3.95 billion in royalties, and had the jury agreed, the company would have been awarded triple that amount in antitrust damages under California law, or $11.9 billion.
Many investors had been holding onto Rambus stock pending the outcome of the trial.