LogMeIn Inc., a provider of services to remotely connect to computers, won a court ruling that it didn’t infringe a patent owned by 01 Communique Laboratory Inc.
LogMeIn shares rose 9.3 percent, while 01 Communique plunged 78 percent as U.S. District Judge Claude Hilton in Alexandria, Virginia, ruled following a hearing today. The judge said he would issue an opinion later and removed the case from the May 2 calendar for trials, LogMeIn said in a statement.
01 Communique filed the lawsuit in September, claiming Woburn, Massachusetts-based LogMeIn and Dell Inc. were infringing a patent related to a method of providing a private communication portal. Dell was dropped from the case in December, according to the docket. Mississauga, Ontario-based 01 Communique runs the I’m in Touch remote access service.
01 Communique said in a statement it “remains confident in the merits of its case” and plans to appeal the ruling.
LogMeIn rose $3.92 to $46.08 at 4 p.m. New York time on the Nasdaq Stock Market. 01 Communique tumbled C$1.39 to 40 cents on the Toronto Stock Exchange, for its biggest percentage drop since March 13, 2008.
The case is 01 Communique Laboratory Inc. v. LogMeIn Inc., 10cv1007, U.S. District Court for the Eastern District of Virginia (Alexandria)