Overland Storage Down 35% on ITC Initial Determination

A micro-cap stock, Overland Storage

, is trading significantly lower on the session after the company announced this morning that ITC issued initial determination in a patent case. According to the initial determination, both of Overland's asserted patents are valid, but BDT has not committed a violation of section 337 of the Tariff Act of 1930. Eric Kelly, President and CEO of Overland Storage said, "Overland is a proven technology leader and innovator within data management and protection and owns a strong patent portfolio of valuable intellectual property that it has developed over 30 years. The judge's favorable ruling on our patents' validity reinforces our global leadership position in the data storage market, and the ALJ's decision of no violation under section 337 by BDT does not affect our position in this market. We will continue to protect our valuable assets as we deliver next generation enterprise technology and products to the growing mid-tier segment of the storage industry." Overland Storage is currently trading at $1.29, a loss of $0.71 or 35.50%.