UPDATE 1-Taiwan bourse says looking into unusual HTC share move
TAIPEI Nov 13 (Reuters) - The Taiwan stock exchange said on Tuesday it is looking into unusual moves in the shares of HTC Corp one day before the smartphone maker announced a settlement with Apple Inc.
HTC shares had jumped by their permitted daily limit on Friday, one day before a surprise announcement in the U.S. that the company had agreed with Apple to end a long-running patent dispute.
"We are looking into whether there has been abnormal trading of HTC stocks," said Michael Lin, a senior executive president of the stock exchange.
"If we think there are problems, we'll submit the case to regulators," Lin said.
HTC said the company had kept the Apple settlement process strictly confidential and it takes many measures to prevent insider trading as part of its daily operations. It said it would fully cooperate with any stock exchange investigation.
By 0135 GMT, shares of HTC had tumbled nearly 6 percent, against a 1.43 percent slide in the broader market, retreating from closing 7 percent limit-up on Monday following the settlement announcement.
HTC and Apple's settlement and licensing agreement ended one of the first major conflagrations of the smartphone patent wars. The California giant sued HTC in 2010, its first major legal salvo against a manufacturer that used Google's Android operating system.
The settlement would give HTC a short-term boost, analysts suggested, but long-term performance would still depend on the company's ability to deliver competitive products to grab back some of the market share it has lost to Apple and South Korea's Samsung Electronics Co.
- South Korea expands air defense zone to partially overlap China's |
- Four dead in apparent Connecticut murder-suicide
- Dynasty's Congress party punished in Indian state elections
- U.S. war veteran released by North Korea returns home |
- Ukrainian protesters topple Lenin statue in challenge to Yanukovich