Shawshank, VA 4/16/12 (StreetBeat) -- A $603 million verdict against Boeing Co (NYSE: BA) that was won by Pendrell Corp (Nasdsaq: PCO) of Kirkland four years ago has been overturned by the California Court of Appeals.News of late Friday's court decision sent shares of Pendrell plummeting more than 48 percent in early Friday trading.
The case involved Pendrell's predecessor company, ICO Global Communications, which was a satellite communications company before it moved to Kirkland in late 2010 and changed its focus to become an intellectual property firm. ICO alleged that Boeing and its Boeing Satellite Systems International unit was liable for damages for breaking a deal to launch satellites for ICO. A Los Angeles jury agreed with ICO in 2008 and awarded more than $600 million in damages.
Pendrell officials weren't happy with the appeals court's latest decision.
"We are clearly disappointed with the court’s decision and we are evaluating our options for further review,” said Ben Wolff, CEO of Pendrell, in a statement.
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