UPDATE 1-Tessera shares soar after ITC overturns stay order
(Adds comments from CFO, details)
BANGALORE, March 28 (Reuters) - Shares of Tessera Technologies Inc (TSRA.O: Quotazione) jumped about 42 percent on Friday, a day after the U.S. International Trade Commission overturned a stay on one of its patent infringement cases.
Tessera, which derives about 80 percent of its revenue from licensing its chip packaging technology that compresses the size of semiconductors, has been embroiled in a legal battle with Motorola Inc MOT.N, Qualcomm Inc (QCOM.O: Quotazione), Freescale Semiconductor Inc and others.
San Jose, California-based Tessera collects royalties from companies such as Intel Corp (INTC.O: Quotazione), Sony Corp (6758.T: Quotazione) and Siemens AG (SIEGn.DE: Quotazione) that use its technology, but the others have refused to pay the same.
"The commission's decision puts our case back on track for prompt resolution," Chief Financial Officer Charlie Webster said in a statement.
"The overturning of the stay is a fairly rare event," Webster said in an interview. "It says a lot about the strength of our case and the importance of bringing the case to trial."
Tessera's complaint centers on computer chips used in mobile phones, computers and digital cameras that, it says, infringe on its patents.
Webster said that an out-of-court settlement was also possible, noting that the company has settled out of court in four out of five occasions.