Apple Inc. (NASDAQ:AAPL) Ends Near To Session Lows
Shares of Apple Inc.(NASDAQ:AAPL) lost most of its earlier gain and ended with a margin of 0.24% at $570.52 after hitting session high of $575.88.
There are reports that the company has offered $16 million to Proview in order to get the right to its iPad trademark. However, reports are stating that Proview has rejected the company’s offer and is asking Apple to pay as much as $400 million, which is much less than the $1 Billion they demanded earlier. Yesterday, Proview lost the case against Apple in the United States where a judge completely ruled out the case. However, the hearing for lawsuit is China is still pending and barring Apple from releasing its new iPad model in the country.
As we all know, there is huge growth opportunity in the country, however, due to delay the company face some problem in order to attract new customers. Proview International Holdings Limited is currently undergoing bankruptcy proceedings as it is burdened under debt of over $60 million. It is unclear what level of payment the firm would accept in order to settle the case and allow the Apple to continue selling its product without any further issues.
Yesterday, there were reports of the dismissal of Chinese firm Proview Electronics Co Ltd allegations that Apple Inc had tricked the Chinese firm into selling the “iPad” name for less than it might have. The lawsuit was filed in California supreme court in February, saying the U.S. consumer electronics company deceived it by purchasing the rights to the name through a special-purpose vehicle. Apple had argued that it had already bought ownership of the trademark in various countries from Proview, once a global monitor maker, but the Chinese company argues that the U.S. firm dealt with only one unit of Proview and it retains rights to the iPad name in China. However, the court dismissed the case with the judgment that both the companies had agreed upon settling the disagreements in Hong Kong.