$MU this is a big joke from China
Micron to Challenge Chinese Court Ruling Over Alleged Patent Infringement
Source: Dow Jones News
By Austen Hufford
Micron Technology Inc., America's largest memory-chip maker, is challenging a Chinese court decision that temporarily halted the sale of some of its products in the country.
Micron said Thursday that a Chinese court in the Fujian Province temporarily stopped the sale of certain Crucial and Ballistix-branded memory modules and solid state drives, which make up slightly more than 1% of the company's total annual revenue.
Micron said it would comply with the ruling while also asking the court to reconsider or stay its decision. The company expects its revenue for the current quarter to be within its previously guided range of $8 billion to $8.4 billion.
Shares rose nearly 2% in early trading Thursday. Shares fell 5.5% Tuesday after the injunction and didn't trade on Wednesday due to the Fourth of July holiday in the U.S.
State-owned chip maker Fujian Jinhua Integrated Circuit Co. and its Taiwanese partner, United Microelectronics Corp., accused Micron in January in China of making products that violate their separate patents. That came a month after the U.S. company filed a lawsuit in California alleging Jinhua and UMC stole Micron's trade secrets at its Taiwan plant. Jinhua has denied the allegations. On Thursday, Micron said Fujian and United Microelectronics filed the lawsuits in "retaliation."
Micron also said the patents are invalid and that its products don't infringe on them.
"The central government of China has often stated that the rights of foreign companies are fairly and equally protected in China," the company said in a statement. "Micron believes the ruling issued by the Fuzhou Court in Fujian Province is inconsistent with this proclaimed policy."
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
July 05, 2018 10:03 ET (14:03 GMT)
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