Shares of Quarterhill (TSE:QTRH, NASDAQ:QTRH) soared on Thursday after its subsidiary WiLAN Inc., was awarded US$145.1-million in damages in a patent infringement case against Apple Inc. (NASDAQ:AAPL).
The Ottawa-based technology company’s shares jumped 28.8% to C$1.79 in afternoon trading on Thursday.
The patents reportedly involve wireless technology used in versions of Apple’s iPhones.
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WiLAN is a unit of Quarterhill. Last year, as part of a strategy change, the company shifted to focus on patent licensing.
The rise in shares came on the heel's of a decision on Wednesday, where a California jury found that versions of Apple’s iPhone infringed on two WiLAN patents relating to wireless communications technology, the company said in a statement.
This is not the first time a legal issue between WiLAN and Apple has arisen. A US jury in 2013 ruled in Apple's favour in a case in which WiLAN had sought $248-million in damages.
Apple has confirmed it plans to appeal the decision.