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Mitek -26.7% after legal setback, CTO's resignation • 10:24 AM This one is a dog but anyone following the business over the last few years would already know this. The CTO (Chief Technical Officer) leaving because of a big setback in the legal case in the patent lawsuit with USAA is NOT good news. This one I think will fall more. The stock is down to $2 and change. Without any positive business or legal news this could get delisted from NASDQ if it continues to sink lower. ******************** Mitek -26.7% after legal setback, CTO's resignation • 10:24 AM A lawyer for the USAA has disclosed a federal court granted a USAA motion to dismiss Mitek (NASDAQ:MITK) infringement claims related to four patents. A trial on remaining claims is set to begin on Sep. 8. Mitek and the USAA have been suing each other since 2012: Mitek accuses USAA (a former client) of infringing IP that's crucial to its mobile check deposit offerings, and the USAA has accused Mitek of breach of contract and fraud. Also: Mitek has disclosed CTO Michael Strange has left the company to "pursue other opportunities." (8-K) Strange was hired in 2012. Before joining Mitek, he was the CTO of prepaid debit card provider Green Dot. |
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