By Dhirendra Tripathi
Investing.com – Roku stock (NASDAQ:ROKU) plunged 8% Wednesday after Universal Electronics claimed victory in a patent infringement case it was pursuing against the maker of remotes and streaming devices.
Universal Electronics shares (NASDAQ:UEIC) rose 5%.
According to Universal, the United States International Trade Commission has banned Roku from importing infringing “televisions, set top boxes, remote control devices, streaming devices and sound bars.”
Roku is allowed to import items provided they don’t infringe on Universal’s patents, according to the order. Universal makes remotes compatible with a range of electronics.
The order, issued Dec. 3, will become final on Jan. 9. Until then, President Joe Biden has time to review the order and even overturn it.
The ITC hears disputes about imported goods that infringe on U.S. patents or imports that hurt the domestic industry because of unfair trade practices in the exporting country.
Universal filed the complaint last year against Roku and TV-makers TCL and Hisense at the ITC for infringing several patents. The case was later narrowed to include only Roku.
Universal is also pursuing cases against Roku in the district court in central California.
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