Kioxia Ordered to Pay $229M in Patent Damages, Stock Plunges 16% on July 17

According to NHK, Kioxia Holdings was ordered to pay $229 million in damages on July 16 after losing a patent infringement lawsuit brought by U.S. satellite communications company ViaSat. A Texas federal jury found that some of Kioxia's flash memory products infringed ViaSat's patent related to high-speed data processing technology, which covers techniques for reducing power consumption and extending chip lifespan. Kioxia said it would pursue all legal remedies, including appeal.

Kioxia's stock fell 16.1% to 52,110 yen on July 17, with market capitalization dropping to 28.5 trillion yen, less than half its peak from June 22. The Nikkei 225 index closed down 4% at 64,141, its lowest level since July 8.