The lawsuit, which was filed in federal court in San Jose, Calif., details patents related to messaging, social networking, privacy, customization and advertising.
"Yahoo! has invested substantial resources in research and development through the years, which has resulted in numerous patented inventions of technology that other companies have licensed," explained a spokesman for the Internet firm. "Unfortunately, the matter with Facebook remains unresolved and we are compelled to seek redress in federal court -- we are confident that we will prevail."Facebook expressed surprise at Yahoo!'s legal action in an email to TheStreet. "We're disappointed that Yahoo's effort to engage with us was limited to a few short phone calls and that we continue to learn of new developments about a long-time partner through the press," explained a spokesman. "We will defend ourselves vigorously against these puzzling actions." Shares of Yahoo!, which recently appointed PayPal president Scott Thompson as its CEO, were flat at $14.49 in extended trading on Monday. Facebook recently filed to go public, seeking to raise $5 billion in what would be the largest-ever tech IPO. -- Written by James Rogers in New York >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV