Anyone able to get old filings between TISA and Mitek? I can recall TISA tried to subpoena USAA for their trail. Maybe USAA trying to get TISA to testify.
If you google TISA vs Mitek something comes up their lawyers last met in beginning of this month.
USAA is too confident they'll win
The San Antonio federal judge on Monday quoted lyrics from “The Gambler” to explain why he was denying a request by USAA’s lawyers to set a briefing to recover their legal fees in a dispute with San Diego software company Mitek Systems Inc.
“Never count your money while you’re sittin’ at the table,” Hudspeth wrote in the opening line of his order. Kenny Rogers sung the 1978 hit, which was written by Don Schlitz, a 2012 inductee into the Songwriters Hall of Fame.
“There is a fine line between having confidence and being presumptuous,” Hudspeth continued. “The Plaintiff’s motion to set a briefing schedule regarding attorneys’ fees crosses that line. Plaintiff’s counsel has yet to establish that their client will be the prevailing party….”
Hudspeth ended his order with another line from the song, “They’ll be time enough for countin’ when the dealin’s done.”
The legal battle between USAA and Mitek, over technology that allows USAA’s customers to remotely deposit checks using a smartphone, goes to trial Sept. 8. Recently, Hudspeth granted USAA’s motion to dismiss patent infringement claims brought against it by Mitek.
Besides suing USAA for patent infringement, Mitek alleges the San Antonio company defamed it by making “false and misleading statements” about Mitek’s products and services, causing it to suffer financial losses.
In its 2012 lawsuit, USAA accused Mitek of fraud and theft of USAA’s proprietary information relating to the remote deposit capture technology. USAA said it invented the technology.
What do you think of Mitek compared to TISA or am I comparing apples to oranges?
Reason I ask is TISA announced a buy back program not too long ago for companies who weren't happy with the overall product but were stuck in a contract. I was wondering if MPBP is what they were talking about since there was an article about how difficult it is for users to take a proper image.
Any thoughts on TISA signing with Allied PicturePay? Allied is using Mitek's MPBP to initiate the Picture Pay process and TISA's MobiPay to 'enhance' the experience. Both have transaction based fees.
I wonder how Mitek feels about this. Did Mr Strange drop the ball on this causing him to leave?
As per last week's Sec filing the outstanding shares were 17.5 million or so. There were about 15 million after the secondary and around 11 million before. Doesn't that explain the supply?
Then management should buy some shares on the open market to show they have confidence in their case. They owe their shareholders something.
Sept 8 is just one trail. Then there is a bench trail with a date yet to be set. Then ongoing case with TISA going into next year. Lawyers are making a killing.
But there will be spikes coming soon. 2 yrs ago it went down to $1.90 then spiked to $4.20 in one day. That was after a good ER.
TEL AVIV, Israel and NEW YORK, Aug. 19, 2014 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solutions and MIP (Mobile Imaging Platform) provider, today announced a long-term transaction-based deal with Allied Payment Network to implement MobiPAY, TIS' self-service mobile bill payment application, within PicturePay(R), Allied's mobile photo bill pay solution. Over time, TIS will work with Allied, its customers and partners to enhance their user experience and continue to automate the bill payment workflow with our advanced MobiFLOW platform for end-to-end processing of bills and related documents.
Allied offers online and mobile bill payment services to financial institutions including banks and credit unions of any size, as well as directly to consumers. PicturePay integrates with multiple optical character recognition (OCR) engines, and TIS' proven recognition and image capture technology via MobiPAY will significantly improve the automated entry of payments in Allied's system.
"We are enthusiastic about cooperating with a market leader such as Allied to enhance the user experience of their PicturePay mobile payment product that allows a user to Point, Shoot and Pay their bills," commented Avi Mileguir, EVP and GM, TIS Americas. "Allied is committed to boosting mobile bill pay adoption by delivering a simple, reliable bill pay service that enhances the relationship between financial institutions and their customers in a cost-effective way; this partnership signifies a strong win-win for TIS and Allied."
"Allied is dedicated to providing the most innovative and technologically advanced mobile bill pay solutions to our customers. By employing MobiPAY, we will continue to improve our service quality, data recognition rates and scalability, and will be better placed to provide end-to-end bill pay solutions including faster response times and additional in-transaction services," explains Ralph Marcuccilli, president and CEO, Allied. "Ultimately, our objective is to partner with leading technology providers such as TIS in order to grow the mobile bill pay market and generate revenue streams for our customers."
Only two weeks before the 10Q from the CC:
"Mitek’s mobile imaging solutions are backed by a very strong IP portfolio. This quarter we extended our mobile imaging leadership with our 20 patent, which relates to identifying and extracting content, a complex aspect of our underlying technology. In addition to the 20 currently issued patents, we have another 22 patents pending. As you are aware, we have patent infringement lawsuits against Top Image Systems in USSA. Both of suits are on going and the trial date with USAA has been set for September 8. We believe very strongly in the merits of both our cases. We’ve spent years developing our strong IP and our IP portfolio and we will defend it when appropriate to do
"Mitek’s mobile imaging solutions are backed by a very strong IP portfolio. This quarter we extended our mobile imaging leadership with our 20 patent, which relates to identifying and extracting content, a complex aspect of our underlying technology. In addition to the 20 currently issued patents, we have another 22 patents pending. As you are aware, we have patent infringement lawsuits against Top Image Systems in USSA. Both of suits are on going and the trial date with USAA has been set for September 8. We believe very strongly in the merits of both our cases. We’ve spent years developing our strong IP and our IP portfolio and we will defend it when appropriate to do so." -JD
He needs to respond soon.
Read the original PR when Strange was hired. Google it. It stated in the PR that selling new technology to new markets was why he was brought in. The new tech at the time he was hired was MPBP. Their MPBP is not being adapted as fast as it should so they decided to go thru channel partners now (as per the last CC).
Channels partners taking over the selling of MPBP so he wasn't needed and left for other opportunities. Maybe work for one of the channel partners.
You need the email Investor Relations. Tell them you're a shareholder and need answers. I already emailed them Friday. Go to their website. I emailed them back in March about the rumor that Mitek lost Wells Fargo Bank as a customer. It seemed I wasn't the only who contacted them because a few days later they released a PR that they had 100% retention rate.
As per SEC filing on 8/14 TISA sold about 2.5 million shares for $3.90-$4.10 to pay for eGistics. That would explain the recent pattern.
Meanwhile, Senior U.S. District Judge Harry Lee Hudspeth late last month granted Mitek's request to have a separate bench trial on USAA's claim that Mitek failed to disclose to the Patent & Trademark Office that certain individuals in Russia actually invented the technology. According to the judge's order, “USAA alleges that Mitek omitted these inventors with the intent to defraud its shareholders.”
Permitting jurors to hear “evidence of bad acts” would “risk prejudice and confusion,” Hudspeth ruled.
Looks like patent case is not fully over.
Yet the share price about the same it was 2 weeks ago. Share price already hit bottom. Win or lose the company is about break even and will most likely turn a profit soon. Especially after the case is behind them and litigation costs gone. USAA can keep their $390k.