Burford Capital shares jump 9.41% after Apple loses Taptic Engine patent case
Litigation funder Burford Capital shares rose 9.41% after a jury ruled that Apple’s Taptic Engine infringed two Taction Technology patents. Burford said it could be entitled to $1.4 billion if the $5.7 billion verdict is paid in full.
Shares in Burford Capital rose 9.41% in London after a jury ruled that Apple’s Taptic Engine infringed two patents owned by California-based Taction Technology.
The verdict awarded $5.7 billion, while Burford disclosed a potential entitlement of $1.4 billion if the full amount is ultimately paid.
Apple said it strongly disagreed with the decision and would appeal. Taction described the ruling as a vindication of its patent rights.
Taptic Engine in Apple devices
Apple introduced Taptic Engine in September 2014 with the first Apple Watch. The technology later expanded to products including the iPhone, where it provides haptic feedback for notifications, user interactions and other system events.
Taction filed its lawsuit in 2021, alleging that Apple directly and indirectly infringed two patents through Taptic Engine in several iPhone and Apple Watch models.
Burford’s potential recovery
Burford told investors that, if the verdict is paid in full, its $1.4 billion entitlement would be divided roughly equally between the company’s balance sheet and its investment funds.
Court records cited by Bloomberg Law show that Taction received funding from Kenosha Investments LP and Gronostaj Investments LLC. Kenosha has been identified as an indirect Burford subsidiary; the funder finances lawsuits in exchange for a share of any eventual recovery.
Following the share-price increase, Burford’s market capitalization reached £659.9 million, or about $875 million.
What we know
- A jury found Apple’s Taptic Engine infringed two Taction Technology patents.
- Burford could receive $1.4 billion if the $5.7 billion verdict is paid in full.
- Burford shares closed 9.41% higher in London.
- Apple disagrees with the ruling and plans to appeal.
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