Samsung shares fall after US bans Galaxy Nexus smartphone
The shares of South Korean electronics giant, Samsung fell as much as 2.4 percent to 1,172,000 won after a US court banned the sale of Galaxy Nexus smartphone in the U. S market.
The shares of the company were trading 2 per cent lower at the time of reporting while the benchmark Kospi (KOSPI) index gained 0.1 percent. The latest U. S. ruling could result in more trouble for Samsung as Apple is seeking a ban on as many as 25 Samsung smartphones besides the Nexus model.
Nam Ki Yung, a Seoul-based spokesman has confirmed reports that the company has appealed the ruling on July 1. The company launched its new Galaxy S III in the US market previous month. The US market represents an important market for the company as it accounted for largest overseas source of revenue for Samsung in 2011.
The latest ruling if followed by another ruling by U. S. District Judge Lucy Koh in San Jose, California, in which the court had banned the sale of Galaxy Tab 10.1 tablet computer in the U. S market. The preliminary injunction will be in place while Samsung fights Apple's patent infringement claims.
The technology rivals have engaged in a worldwide patent way against each other. The two companies are engaged in an intense legal war around the world over patent infringements. Apple, based in Cupertino, California, and Samsung have been locked in patent disputes concerning mobile technology and design since April 2011.