Why Veeco Instruments Inc. Stock Is Plummeting Today
Shares of Veeco Instruments Inc. (NASDAQ: VECO) are plummeting today, down 18.9% as of 1:30 p.m. EDT, after the process equipment solutions company announced an unfavorable development in its ongoing patent infringement suit brought by Chinese rival Advanced Micro-Fabrication Equipment (AMEC) this past July.
Veeco revealed that that on Dec. 7, 2017, the Fujian High Court in China issued a ruling requiring the company "to stop importing, making, selling and offering to sell" its Veeco EPIK 700 model MOCVD systems, which contain a mechanism covered by an AMEC utility model patent and wafer carriers used as supplies for the systems.
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Source: Fool.com