August 27, 2012
Samsung Releases Post-verdict Internal Memo
Michael Harper for redOrbit.com — Your Universe Online
Late Friday evening, (depending on which time zone you happened to be in) a San Jose District Court jury handed down the long-awaited verdict for the trial between Apple and Samsung, and the news wasn´t good for the latter company.
So, after a weekend which was inevitably filled with commiseration and copious amounts of alcohol, the Samsung team had the sobering light of Monday morning to face.
Immediately following the verdict, many looked to Samsung to announce an appeal to this decision, and, in truth, the Galaxy maker has already vowed to “move immediately to file post-verdict motions to overturn this decision in this court, and if we are not successful, we will appeal this decision to the court of appeals.”
Later, an unnamed Samsung executive spoke to the Korea Times, and had little issue sharing his feelings about the case just before rushing into an emergency meeting of other mobile executives.
Putting it simply, this unnamed executive only said, “It´s absolutely the worst scenario for us.”
Today, an internal Samsung memo regarding Friday´s decision has been posted online, further revealing a shaken company.
Samsung first blames Apple for forcing them into their losing court battle, saying, “We initially proposed to negotiate with Apple instead of going to court, as they had been one of our most important customers. However, Apple pressed on with a lawsuit, and we have had little choice but to counter-sue, so that we can protect our company.”
The memo then goes on to say that the company is “disappointed” with the jury´s verdict, calling it “regrettable” that this verdict has caused their customers and employees concern.
Samsung didn´t mention the concern of the shareholders, who were very busy over the weekend dumping their shares in after-hour trading. When early morning trading commenced on Monday, shares of Samsung were down by 6.98%. According to a CNET report, this is the largest single day drop of Samsung shares since October 2008.
Adding insult to injury, Apple´s shares opened at a record high $680 and a $637 Billion market cap on Monday morning. Apparently the market likes a winner.
Further in the memo, Samsung promises to fight on, saying they´ll continue to do their “utmost” until their arguments have been accepted.
With the verdict finally handed down, the two companies will now head to injunction hearings later next month to determine which Samsung phones may or may not be banned. John Quinn, Samsung´s lead lawyer, has already said he wants the verdict tossed out, saying ”This decision should not be allowed to stand because it would discourage innovation and limit the rights of consumers to make choices for themselves.”
Now, the tech world waits for Samsung´s next move as they likely prepare for an appeal which will stretch these proceedings out even further.
As a final note in their memo, Samsung nearly begged their customers to stay on board, saying, “We trust that the consumers and the market will side with those who prioritize innovation over litigation, and we will prove this beyond doubt.”