HTC’s shares fell 6.5% on Monday after a preliminary ruling by the ITC found the Taiwanese company infringed on two of Apple’s patents. To stave off further damage, HTC will buy back 20 million of its own shares before September 17th.
HTC’s shares have fallen steadily in July over concerns about the immediate financial prospects of the company. Investors see HTC slipping in the smartphone market and fear the company may be forced to pay a large lump sum to Apple. HTC confirmed it will appeal the ITC ruling and will defend itself against Apple “using all means possible.” A final ruling by the ITC in this patent infringement case is due on December 6. HTC is also facing a similar patent infringement lawsuit filed by Apple in the U.S. District Court in Delaware