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Apple hits back at Imagination's 'misleading' statements, disputes timeline

08 Juillet 2017

Apple said yesterday that Imagination had known since 2015 of its intention to drop its technology for an in-house version.

But while investors were caught off guard by the move, Apple said Imagination had known for almost two years that it was winding down the relationship.

By 2016, Apple said it told Imagination it was further diminishing the relationship by initiating a clause in its contact that allows Apple to pay a lower royalty rate for using a smaller amount of intellectual property. Since Apple's announcement, Imagination's stock price has fallen by more than half of its prior value this year. After lengthy discussions we advised them on February 9 that we expected to wind down our licensing agreement since we need unique and differentiating IP for our products.

Apple (NASDAQ:AAPL) disputes claims that a graphics supplier only in learned in March that the iPhone maker was ending the partnership.

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When the iPhone supplier Imagination Technologies Group Plc announced in April that Apple Inc would no longer be using its graphics technology, investors in the small United Kingdom company were shocked. That legal expert said Imagination has a responsibility to promptly inform its shareholders about events that could deeply affect its share price under British law, and if Imagination knew about Apple's plans in 2015, it may not have met that standard of disclosure. The company said it disclosed the change of its relationship with Apple on April 3 "when it had sufficient clarity on Apple's position".

Apple's response unlikely will go down well with Imagination, which last month put itself up for sale. According to Bloomberg, Apple said it had been using less of the company's technology in recent years.

Imagination shares were down 5.4% in London, changing hands at 149 pence and extending an nearly 40% fall over the past six months.

Apple hits back at Imagination's 'misleading' statements, disputes timeline