Cochlear announced that the US Court of Appeals upheld a decision by the US District Court to award the Alfred E. Mann Foundation for Scientific Research (AMF) and Advanced Bionics $438 million in damages related to patent claims, according to an article in The Sydney Morning Herald.

The article estimates that Cochlear’s costs, including legal fees and interest, could exceed $750 million. The company’s shares fell 19.25% on Monday, according to the Herald, closing at $174.51. Cochlear had earlier warned of a profit downgrade due to delays of non-essential surgeries in the US and Europe because of COVID-19.

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Source: Cochlear