On Wednesday afternoon, SGI stocks plunged a whopping 12% and were down $1.09. They continued to fall and reached a low Thursday night at $8 a share. The stock has continued to drop and is now around $5.50 a share, an all-time low for the year. This comes just a few short months after they had reached an all-time high of $21.72 as SGI announced the selling of two of its shared memory Altix UV Systems to Atomic Weapons Establishment of UK.
Silicon Valley’s own SGI (Silicon Graphics International) announced that CFO, Jim Wheat, has turned in his resignation papers and will be leaving SGI. This major change comes just less than 90 days from SGI hiring new CEO and President Jorge Titinger. The company has been going through a reorganization since Titinger came in as CEO and announced, "I am excited to be part of the new SGI, building on one of Silicon Valley's great brands and fully exploiting the opportunities in HPC, Big Data and the Cloud."
What’s left of Silicon Graphics have filed suit against several phone makers alleging they have made infringements on a patent held by Silicon Graphics. The lawsuit includes Apple, Japan-based Sony, Taiwan-based HTC, South Korea-based LG Electronics and Samsung, as well as BlackBerry maker Research In Motion. The patent is owned by Graphics Properties Holdings, which is all that remains of the graphics pioneer Silicon Graphics, whose workstations were used to create the CGI dinosaurs for Jurassic Park and the entire Toy Story Pixar film.