They know that they are going to loose the patent infringement case so they are trying to preserve the use of the MITEK technology that is imbedded in their operations. Nightmare coming for USAA or they will pay big to MITEK!
Can't be good for shorts here! There'd be no conversTions!
No business purpose! This must be post announcement or announcement time. Otherwise, this is just going to be an embarrassing speech on how to destroy a Company's valuation. 8K coming soon!
With the stock down to $3.20, the shorts have so much room to move before they even start to feel pain! A win with USAA will probably result in a jump to $6- even $7 per share which basically puts the shorts back to break even. They will then wait until the longs are done buying and short the hell out of the stock again for a period until they get scared that the Company may show a profit. The best scenario for MITK stock is to either show a profit and then win the settlement or do both simultaneously. July will tell all. Shorts know they have time. The SEC and the Company know who the shorts are. They have access to the information.
At this level they can probably sustain a $2 price increase. With the lack of interest in this stock, even major positive news wouldn't be enough to hurt them. As they see it, you are looking at weeks before this stock rebounds on good, solid news.-unlikely!
20th patent and we see a poultry 8% jump. We're still 46% below the stocks valuation of $5.25 that was done a few months ago by extremely knowledgable bankers, lol
Lawsuit - Following stipulation filed today
￼United Services Automobile Association (“USAA”) and Mitek Systems, Inc. (“Mitek”) hereby stipulate as follows:
WHEREAS Mitek has accused USAA of infringing U.S. Patent Nos. 7,778,457 (‘457 patent); 7,949,176 (‘176 patent); 7,953,268 (‘268 patent); 7,978,900 (‘900 patent); and 8,000,514 (‘514 patent);
WHEREAS, at the expert discovery stage, Mitek has specifically accused USAA’s Android-based implementation of Deposit@Mobile of infringing claims 11 and 15 of the ‘457 patent; claim 14 of the ‘268 patent; claims 12 and 20 of the ‘514 patent; and claim 12 of the ‘176 patent (the “Android Asserted Claims”); and
WHEREAS, at the expert discovery stage, Mitek has specifically accused USAA’s iOS- based (i.e., Apple-based) implementation of Deposit@Mobile of infringing claim 1 of the ‘457 patent; claim 14 of the ‘268 patent; and claims 12 and 20 of the ‘514 patent (the “Apple Asserted Claims”).
IT IS THEREFORE STIPULATED AND AGREED BY COUNSEL FOR THE PARTIES THAT:
1. Mitek does not allege infringement of any claims of the Mitek patents identified above other than the Android Asserted Claims and the Apple Asserted Claims;
2. USAA does not infringe the ‘900 patent;
3. USAA agrees to dismiss its declaratory judgment claim and defense of invalidity
with respect to the ‘900 patent without prejudice, without waiving USAA’s right to reassert that claim and defense if for any reason the ‘900 patent is reasserted against USAA;
4. USAA’s Android-based implementation of Deposit@Mobile does not infringe claim 1 of the ‘457 patent;
5. USAA’s iOS-based implementation of Deposit@Mobile does not infringe claims 11 and 15 of the ‘457 patent and claim 12 of the ’176 patent;
6. USAA does not literally infringe claim 14 of the ‘268 patent and claims 12 and 20 of the ‘514 patent;
7. With the exception of the Android Asserted Claims and the Apple Asserted Claims only, USAA agrees to dismiss Less
Great company with every major bank as a client. Even google wants into this space. Break out coming
Great company with every major bank as a customer. Break out coming soon.
This is a great Company with every major bank as a client.
Great Company that has transformed the way banking and bill paying is done. Company has every major bank as a customer!
You want MITK to move in the right direction just like we all do as "longs". Then do what the Company hasn't done! Post the MITK facts on every message board you can find, especially financial institutions! This is not a sure thing but at least you will get attention from some investors and who knows, maybe the right one will seek to buy the company! Use the internet!!!
Video, Imagery, Simplicity, And User Focused Design
Brett King brought up another salient point during our NextBank planning session about the future belonging more and more to video (and I’d echo that with the continued onslaught of photos, shared imagery). People want to tell stories, share their own stories, and connect…and more and more that is a visual connection. Where is visualization in banking? What’s the SnapChat, WhatsApp equivalent in financial services? We have a few neo-banks like Simple leveraging embedded images (to provide connections to receipts, or photos associated with experiences tied to transaction level data), and we have some pretty established banks leveraging Mitek and Kofax to leverage the camera, but I think there will be a host of image related financial innovations this year. People underestimate the power of personalized visualization within financial application user experience design.
Last quarter was at breakeven without the additional legal fees. With just a minor increase in revenues, this quarter should be their first quarter showing a profit. This is also a great time to show a turn around before the conclusion of USAA suit.
This stock is crushed! Unless management intends to buy out, why aren't they keeping up some type of positive hype. Amatuers! Could be licking their wounds from a USAA beat down!
Regardless of outcome, it will come shortly. Big day ahead for longs!