NEW YORK (TheStreet) -- Shares of Spherix Inc. (SPEX) were down 23% to $3.45 in trading Thursday. The drop comes on the heels of the news that the intellectual property purchasing company was moving forward with its lawsuit against Cisco Inc. (CSCO).
The lawsuit alleges that the majority of Cisco's revenues from routing and switching --$43 billion since March 2008, $9 billion in 2013 -- can be attributed to 11 patents that Spherix bought from Canadian tech company Nortel Networks Corp. (NRTLQ) in December 2013. Nortel declared bankruptcy in 2008.
Shares of Cisco were down 0.7% to 22.17 in trading Thursday, while Nortel's stock was up 2.9% to $0.0072