Mitek Systems Comments on USAA Lawsuit
On March 29, 2012, United Services Automobile Association (USAA) filed a complaint against Mitek Systems (Nasdaq: MITK). USAA is seeking, among other things, a declaratory judgment that USAA does not infringe certain patents of Mitek relating to Mobile Deposit and that such patents are not enforceable against USAA. USAA is also seeking to prevent Mitek from using USAA's proprietary information.
Mitek is currently a party to a software license agreement with USAA and today provided its comment regarding the complaint:
"It's unfortunate when business negotiations break down; however, Mitek is the proven leader in mobile imaging software, as evidenced by the numerous U.S. patents we have been awarded," stated James DeBello, president and CEO of Mitek Systems. "We believe these claims are without merit and we intend to vigorously defend our intellectual property rights, as necessary."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.