IXYS Corp. sinks on patent suit

IXYS Corporation (Nasdaq: SYXI) plunged 21 percent Wednesday after it said International Rectifier Corporation (NYSE: IRF) has filed a patent infringement lawsuit against it.

Shares were down 13 3/4 to 50 7/8.

The suit alleges that IXYS infringes IR patents which it claims cover certain MOSFET devices sold in the USA. MOSFETS, or metal oxide semiconductor field-effect transistors, diodes, and rectifiers -- are used in appliances, autos, computers, communication products, and lighting.

The company said it is in the process of reviewing the allegations, and will respond once it has completed the review.

IXYS develops high performance power semiconductor devices that convert electrical power efficiently in power supplies, motor drives, medical systems and transportation. IXYS also makes high-density static random access memory (SRAM) for the telecom and industrial markets.

Aside from International Rectifier, The company competes with STMicroelectronics (NYSE: STM) and Harris Corp. (NYSE: HRS).