Liquidia Corporation shares fell roughly 57% after an adverse court ruling in United Therapeutics' patent litigation found two of six asserted claims of the '327 patent valid and infringed by Liquidia's Yutrepia. The ruling raised remedy risks, including the potential removal of Yutrepia's PH-ILD indication, broader restrictions on product availability, and an injunction. CEO Roger Jeffs stated that the Company disagreed with the decision and would pursue appellate options. Previously, in its Form 10-Q filed on August 12, 2026, the Company stated that "the court's decision is pending" and characterized its litigation as representing "none of which do we believe represent a risk of material loss or exposure." On an earnings call that same day, General Counsel Russell Schundler stated, "We could see a decision any day now," and CEO Roger Jeffs expressed confidence in reaching "more than $1 billion in net revenue in 2027." However, the adverse ruling threatened Yutrepia's commercialization prospects, impacting $300.3 million in reported sales for the first six months of 2026 and approximately $69.1 million in non-cancelable manufacturing and supply commitments. The investigation concerns whether Liquidia Corporation adequately disclosed the risks of an adverse patent ruling and potential injunction ahead of the court's decision.