Update (4:26 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Marvell Technology Group (MRVL) dropped 1.83% to $15.52, down 29 cents from its previous close of $15.81, at the close of the trading day on Wednesday after the company lost its bid to halve its $1.17 billion patent-infringement verdict awarded to Carnegie Mellon University over computer disk drives.
The stock had a volume of 11,501,156, well above its average of 6,738,080. It hit a high of $15.75 and a low of $15.28 for the day.
Marvell, a mobile phone chipmaker, wanted to cut $620 million from the settlement and argued that that the Carnegie Mellon should not collect damages for the period before it filed the lawsuit because it hesitated to complain. U.S. District Judge Nora Barry Fischer in Pittsburgh rejected this argument.
A federal jury handed out the fourth-largest verdict in U.S. history on Dec. 26, 2012 after it found that Marvell infringed on two Carnegie Mellon patents that would increase the accuracy of data detection from disk drives. The school said Marvell's sales were dropping in the late 1990s and argued that the company needed its inventions to grow its customer base.
Fischer said Carnegie Mellon's five-year delay in filing the suit was "unreasonable and inexcusable," according to Bloomberg, but stated that Marvell was aware of the technology and had to either avoid the technology or establish a licensing deal to use it.
"Marvell's decision to continue production despite this infringement action demonstrates Marvell's apparent acceptance of the business and legal risks," Fischer said.