2023-05-01 22:28:19 ET
Masimo ( NASDAQ: MASI ) fell 5.3% in after hours trading after a judge declared a mistrial in trade secrets trial against Apple ( NASDAQ: AAPL ) over the Apple Watch.
U.S. District Judge James Selna declared a mistrial late Monday after a jury failed to reached a unanimous decision. The jury told the judge that six of the seven jury members planned to vote in favor of Apple ( AAPL ) at the Santa Ana, California federal court, according to court observers.
Masimo ( MASI ) alleged in its suit against Apple ( AAPL ) that the iPhone maker improperly used trade secrets for a blood-oxygen monitoring sensor used in its Apple Watch. The trial started on April 4.
Masimo ( MASI ) and a co-plaintiff had sought damages of $3.1 billion from Apple ( AAPL ) related to the trade secret claims, though a federal judge last Wednesday ruled the maximum Apple would be liable for $1.85 billion, according to media reports, including Bloomberg.
Masimo told Bloomberg in a statement that it planned to retry the case.
“ While we are disappointed that the jury was unable to reach a verdict, we intend to retry the case and continue to pursue legal redress against Apple,” Masimo said in the statement.
Apple ( AAPL ) also commented after the judge declared the mistrial.
“We deeply respect intellectual property and innovation and do not take or use confidential information from other companies,” Apple ( AAPL ) said in a statement to Bloomberg. “We are pleased that the court correctly rejected half of the plaintiffs’ trade secret allegations, and will now ask the court to dismiss the remaining claims.”
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Masimo falls after judge declares mistrial in Apple trade secrets trial