Masimo Corp . (NASDAQ:MASI) shares fell Wednesday after it emerged that a U.S. appeals court halted a government commission's import ban on some of tech giant Apple's (NASDAQ:AAPL) smartwatches.
The initial import ban on some Apple smartwatches was a result of a patent dispute with the medical technology firm Masimo. The company says Apple hired away its employees, while it also claims it stole its pulse oximetry technology, incorporating it into Apple Watches.
Apple is said to have filed an emergency request asking the U.S. Court of Appeals for the Federal Circuit to pause the order. Apple appealed the U.S. International Trade Commission's (ITC) decision that said it had infringed Masimo's patents.
The appeals court agreed to pause the ban while it considers Apple's request for a longer-term pause during the appeals process.
MASI shares are currently down more than 6% at just above the $113 per share mark after it was announced the ban would be halted.