TiVo shares plummet
The company loses a round in its ongoing legal battle against Dish Network and EchoStar.
Shares of the company have fallen more than 40% Friday after TiVo lost a round in court against Dish Network (DISH) and EchoStar (SATS). Now, those two companies have been given the green light to make their case again in court.
Basically, the issue revolves around whether Dish and EchoStar are using digital video recording technology that TiVo has patented. A previous court said in March that the two companies were guilty -- and TiVo shares jumped in response.
But Dish and EchoStar asked for a do-over, and that court is allowing them another chance, MarketWatch reports.
TiVo has been winning this case from when it initially sued EchoStar in 2004.
EchoStar shares were unchanged Friday, while Dish Network shares were up a little more than 3%.
Too bad we can't buy shares in the lawyers working on this case. In six years of litigation, they're the only ones coming out ahead.
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These hot movers could rise by double digits in coming months.
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