Why Illumina Shares Are Plunging Today - Illumina (NASDAQ:ILMN)

A jury in the U.S. District Court for the District of Delaware rendered a verdict that Illumina Inc ILMN willfully infringed the U.S. Patent Nos. 9,222,132 and 10,662,473 owned by Complete Genomics Inc.
The jury awarded approximately $334 million to CGI in past damages.
The jury also invalidated three patents owned by Illumina, namely, U.S. Patent Nos. 9,217,178; 9,303,290; and 9,970,055.
Illumina said it disagrees with the jury's verdict and intends to defend the action, including filing all appropriate appeals vigorously.
In its SEC filing, Illumina said that if their appeals are unsuccessful, they could be required to pay interest on the judgment and an ongoing royalty at a rate to be determined by the court until the patents expire in January 2029.
In addition, although CGI may seek an injunction, we do not believe there is a reasonable basis for the court to grant one.
Price Action: ILMN shares are down 10.40% at $223.14 during the market session on the last check Monday.

Why Illumina Shares Are Plunging Today?