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

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