Memory chip designer Rambus saw its shares slump after it vowed to continue fighting its patent infringement lawsuits.
On the back of the announcement, Rambus shares tumbled 12.4 per cent, or $1.35, to $9.53. This was more than $100 below its 52-week high of $112.
Wall Street analysts claim that the decline is due to Rambus's ongoing legal battles over patent infringement lawsuits which have eroded the company's bottom line.
But Geoff Tate, Rambus chief executive, defended the costly lawsuits: "We remain convinced that it is in the best long-term interest of our shareholders to vigorously defend our intellectual property."
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