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Mitek Systems, Inc. Message Board

  • patientmd patientmd Feb 13, 2013 1:01 AM Flag

    Lawsuit: Mitek vs USAA questions

    questions in the lawsuit of mitek vs usaa :
    (1) Does mitek have the resources for lawsuit with company like usaa with "deep pockets"?
    (2) For anyone familiar with the suit, does mitek have a solid case?
    (3) Finally, if the spetre of this suit is removed or mitek prevails, how much increase in stock price expected.
    (4) anything else shareholders should be aware of regarding this suit?

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    • Guys, there are no trial dates set but here are some important dates coming up:

      2. A report on alternative dispute resolution in compliance with Local Rule CV-88
      shall be filed by Friday, February 22, 2013.
      3. Parties asserting claims for relief shall submit a written offer of settlement to
      opposing parties by Friday, February 22, 2013, and each opposing party shall respond, in
      writing, by Friday, March 8, 2013.

      If it doesn't settle by March 8, 2013, I would assume it will drag on for remainder of the year and be scheduled for trial sometime in the first half of 2014.

      • 1 Reply to casualtrader818
      • Thanks, that is indeed very important information. I had no idea there was something out there this specific, and while one knows that litigation can be settled at any time, it is great to know that there is an established date that just might be the impetus to cause this to happen sooner rather than later. Much appreciated, I will await that date with much interest. Note though, that it is after the Feb option expiration date (smile). But then the response in March is one week before the March option expiration date. Although, I suppose if no settlements are offered in Feb, then the Mar date has no meaning.

        Sentiment: Strong Buy

    • They do have the resources. Mitek had most of their patents before they even went to consult at USAA and were well on their way to being a market leader with the mobile deposit software. USAA really doesn't have a leg to stand on. I would expect a major move higher in the stock, higher than the $12 share price when the lawsuit came out. With the addition of two new products since that time and a doubling of the mobile deposit base, not to mention the speed at which this technology is catching on, I could see this stock blowing through $12 on its way to $20 .

      Sentiment: Strong Buy

    • Mitek has plenty of cash to sustain a suit with Deadbeat USAA. Mitek has 13 patents....USAA none. Suit
      settlement will result in a 20% rise in PPS. USAA has quite a reputation for being a bully. No judge or
      jury will reverse Mitek's huge market acquisition by awarding USAA the rights to this technology...ain't
      gonna happen.

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