Shares of cloud computing infrastructure provider LogMeIn (LOGM) were halted after surging $3.48, or almost 20%, to $21.26 in the waning minutes of today’s session, just before the company formally announced it has been found innocent of patent infringement charges brought against it by 01 Communique Laboratory.
The trial, in the Eastern District of Virginia, involves U.S. patent number 6,928,479, awarded to 01 Communique in August of 2005, concerning,
A system, computer product and method for providing a private communication portal at a first computer connected to a network of computers includes a communication facility resident at the first computer, and a second computer including a locating facility for locating the current location of the first computer on the network, where the second computer facilitates communication between the first computer and a third computer by authenticating the third computer for communication with the first computer and providing the location of the first computer for communication with the third computer.
LOGM stock is expected to resume trading at 4:30 pm, Eastern time.
Update: The shares have resumed trading and are vacillating up and down from the close, not quite settled at this point.
Update 2: The shares are now down 41 cents, or 2%, at $20.85.
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