Image credit: AllThingsD
The first piece of news comes from the Korea Times. The site reports that Samsung executives held an emergency meeting regarding the loss in trial. Even worse is a comment from a Samsung senior executive as he walked into Samsung’s HQ: “It’s absolutely the worst scenario for us.”
Inside the building, Choi Gee-sung, former Samsung Electronics CEO and now the head of Samsung Group’s corporate strategy division, was holding an emergency meeting attended by Shin Jong-kyun, the company’s mobile devices chief, and Lee Dong-joo, lead marketing official.
The Korea Times also reports that Samsung executives are set to formally respond to media requests and offer a more official response in the coming days.
The loss not only created havoc for Samsung executives, but Samsung shareholders as well. CNET reports that Samsung shares are down approximately 7% in the South Korean market:
Shares of Samsung were off 6.98 percent in early morning trading, down 89,000 South Korean Wan ($78.38) to 1.19 million SKW ($1,043.88). It was the company’s largest decline since October 2008. The heavily weighted Samsung brought the South Korean Kospi down 0.6 percent.
This drop is reportedly Samsung’s biggest loss in the stock market since October of 2008.
Following the conclusion of the San Jose-based trial. CNET interviewed a member of the Jury who shared that internal debates were “heated” and that all evidence was weighed “carefully.” The interviewed jury member also shared details on what truly created the Jury’s unanimous decisions:
Well, there were several. The e-mails that went back and forth from Samsung execs about the Apple features that they should incorporate into their devices was pretty damning to me. And also, on the last day, [Apple] showed the pictures of the phones that Samsung made before the iPhonecame out and ones that they made after the iPhone came out. Some of the Samsung executives they presented on video [testimony] from Korea — I thought they were dodging the questions. They didn’t answer one of them. They didn’t help their cause.”
Notably, Reuters had the opportunity to interview the foreman for the Jury, who shared some additional color on decisions made during deliberation:
In an interview on Saturday, jury foreman Velvin Hogan, 67, said Apple’s arguments about the need to protect innovation were persuasive in the jury room. He also said video testimony from senior Samsung executives made it “absolutely” clear to them that the infringement was purposeful.
“We didn’t want to give carte blanche to a company, by any name, to infringe someone else’s intellectual property,” Hogan told Reuters a day after the verdict.
However, Hogan said Apple’s damages demand of up to $2.75 billion were “extraordinarily high,” partly because it was unclear whether Apple had enough component supply to sell more phones even if it had wanted to.
Even with Apple’s win in court this past Friday, a hearing is set for September 20th to determine injunctions for the infringing Samsung smartphones. Samsung has already said that it will appeal the court’s recent rulings:
Its lawyers told the judge it intended to ask her to toss out the verdict. “This decision should not be allowed to stand because it would discourage innovation and limit the rights of consumers to make choices for themselves,” Samsung lead lawyer John Quinn said. He argued that the judge or an appeals court should overturn the verdict.