Shares of Eastman Kodak Co. jumped Wednesday, a day after the struggling company said it planned to sue Apple and HTC for infringing its digital photography patents.
Shares of Kodak were up $34.07 percent to 80 cents in early afternoon trading.
The Rochester, N.Y.-based company's complaint to the U.S. International Trade Commission argues that some of Apple's iPhones, iPads and iPods, along with some of HTC's smartphones and tablets, infringe on Kodak patents involving technology for transmitting images. Furthermore, Kodak's complaint argues that some HTC smartphones infringe on a patent concerning image preview technology, which Kodak sued Apple for previously.
Kodak also filed lawsuits against Apple and HTC in the U.S. District Court for the Western District of New York.
Our primary interest is not to disrupt the availability of any product but to obtain fair compensation for the unauthorized use of our technology, Chief Operating Officer Laura Quatela said in a statement announcing the two lawsuits. There's a basic issue of fairness that needs to be addressed. The failure of companies to appropriately compensate Kodak for the unauthorized use of our patented technology impedes our ability to continue to innovate and introduce new products.
Kodak, once considered a dominant multinational corporation, has struggled in recent years due to the decline in photographic film sales. The company has focused on digital photography and digital printing in an effort to turn around its fortunes.
The company seeks to sell 1,100 patents as it looks to raise enough money to survive, and plans to file Chapter 11 bankruptcy if patents aren't sold.