Mitek Systems Down 20% After Announcing Lawsuit
Mitek Systems (Nasdaq: MITK) is trading lower on the session following the announcement that it will sue USAA for defamation and unfair business practices.
James DeBello, Mitek CEO and President stated, "We believe these misrepresentations are damaging to our company and are designed to inhibit Mitek's ability to compete in the marketplace. Mitek is a known innovator and pioneer in the mobile banking sector with a substantial list of patents and trademarks to our name. Our team worked hard over many years to create Mobile Deposit® and was awarded five U.S. patents related to this technology."
Mitek Systems is currently trading at $3.10, a loss of $0.75 or 19.45%.
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