Shares of 01 Communique (TSX:ONE) were hammered today after a judge ruled that the Mississauga company’s case against LogMeIn will not go to trial. The stock closed down nearly 78%, to $0.40.
It’s been a wild ride of late for shareholders of 01 Communique. On July 5th of last year the company’s thinly traded stock was mired in a two year slump, closing that day at $.175 cents. But on July 8th, 2010 the company, whose products, such as the I’m InTouch line, give you the ability to access and control your desktop personal computer from anywhere you are connected to the Internet, was declared the victor in patent litigation suit against giant Citrix Systems. Shares of 01 raced to a recent high of $2.26 on February 25th of this year.
Soon after the Citrix decision, 01 Communique filed a similar lawsuit against Dell and LogMeIn.
In late 2010, 01 Communique opening up an office staffed with business development personnel in Arlington VA, Virginia is a key US district for intellectual property defense.
The company today said it was “confident in the merits of its case and plans to appeal the decision”
Click here for Cantech Letter’s interview with Andrew Cheung of 01 Communique