Koss extends 2-day rally to 43% as meme-stock traders cheer patent victory over Apple
Kossshares have rallied 43% in two days of trading after winning a patentbattle against Apple.
- The patent board declined to review Apple's challenge to two of the company's patents.
Koss shares have surged 43% in two days after the headphone-maker won a patent battle against Apple.
Trading of the company's shares, which have been caught up in the meme-stock frenzy this year, was briefly halted Tuesday evening amid a spike in volatility following the patent ruling.
The Patent Trial and Appeal Board rejected to review Apple's challenge to two of Koss' patents, Bloomberg Law reported, adding that the iPhone maker didn't meet its burden to show it could prove that Koss' patents for wireless earphones and headphones didn't cover new inventions.
Koss, which has sued the iPhone maker for infringing on its headphone patents, has had a volatile year amid the frenzied trading in
Shares surged nearly 2,000% in January as the army of Reddit retail traders drove massive rallies in heavily shorted stocks, including GameStop, AMC, and BlackBerry, among others. Koss has a high short-squeeze score on
Koss closed at $64 on Jan. 29 at the height of its rally this year. On Wednesday, shares of the company surged 16% to $21.82 at 9:30 a.m. in New York.
A representative from Koss did not immediately respond to Insider's request for comment.
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