ZTE sinks on rumors of patent loss to Ericsson, sluggish Q4 sales

Chinese vendor ZTE saw its shares plunge in trading amidst a spate of market rumors, all of which it denied. The company's shares fell 12 percent in trading in Hong Kong to their lowest levels since October and in Shenzhen to a level not seen since June 2009. The company was hit by market rumors that it lost a patent lawsuit to Ericsson (NASDAQ:ERIC) as well as potentially disappointing fourth-quarter and full-year 2011 results. ZTE dismissed the chatter. "Our company does not have any major announcements to make," ZTE said in a statement, according to Reuters. "There are rumors that the company's unusual share move was due to our lawsuit with Ericsson. This information is not accurate." Article

Suggested Articles

U.S. Cellular has awarded Samsung Electronics a commercial agreement to supply LTE and 5G network solutions.

U.S. Cellular might be able to win over some Sprint customers as the transition to the New T-Mobile occurs.

Japan’s Rakuten Mobile is teaming up with mobile operator TPG to test 5G open RAN solutions in Singapore.