Apple Inc. (NASDAQ:AAPL), one would expect, did not put "a new patent lawsuit" on its wish list for Christmas for jolly ol' St. Nick. But was Apple on the naughty list this year, so this new gift-wrapped present may very well be a lump of coal for Cupertino. But it could be a big one that engulfs many Apple devices - including the Apple TV.
As with most legal matters, the case likely won't see the inside of a courtroom for months, but is this another damper to the stock's strength - which has already taken several punches to the gut in the last four months?
Apple Inc. (NASDAQ:AAPL) is the target of yet another patent-infringement lawsuit, this one filed in Texas by EON Corporation IP Holdings, claiming the patents revolve around Apple's iTunes and App Store services, and all Apple iDevices that connect to those services 0- which includes all generations of the iPad and iPad Mini, Apple TV, iPod Touch, and all iPhones dating back to the 3G. In the filing, EON is pushing the claim that all of these devices and services infringe on a key patent which, in layman's terms, covers a system for viewing video. The firm said it had put Apple on notice indirectly of the infringement through letters from AT&T Inc. (NYSE:T) a year ago and from Puerto Rico Telephone Company, Inc., this past summer.
And of course, as other competitors have similar services and devices which access them, EON claimed that "major competitors" of Apple Inc. (NASDAQ:AAPL) have paid licensing fees for this technology. EON is currently seeking monetary damages, though the amount is not clear.