There were a number of stocks which declined yesterday due to a selloff and one of those was the VoIP-Pal.com Inc (OTCMKTS:VPLM) stock after the company made a key announcement.
Market Action
On Thursday, VPLM stock fell 4.26% to $0.0135 with 1.18 million shares traded, compared to its average volume of 1.08 million shares. The stock has moved within a range of $0.0135 – 0.0149 after opening trade at $0.0140.
Files Two New Patent Infringement Lawsuits
On Thursday, the company announced that it had filed a pair of new patent infringement lawsuits at the United States District Court for the Western District of Texas, Waco Division. It was a significant announcement from the company but the news also came as a source of pessimism about the stock among investors. Soon after the announcement was made, the VoIP-Pal.com stock suffered from a selloff and went down by as much as 4% as a consequence.
In this situation, it may be a good idea for investors to perhaps take a look at some of the important details with regards to the two cases. The first case was filed against consumer electronics giant Samsung Electronics and associated companies Samsung Austin Semiconductor LLC and Samsung Electronics America Inc.
The other case had been filed the mobile technology behemoth Huawei Technologies Co Ltd and its subsidiary Huawei Technologies USA Inc. The filing of the lawsuits was a significant development and it may now be a good idea for investors to keep track of the developments.
Key Quote
VoIP-Pal CEO, Emil Malak said, “This has not been an easy road, but we are committed to move forward and are very appreciative of the support we receive from our shareholders. We will keep you informed of our progress as developments unfold. Patience is a virtue.”
Traders Note
VPLM stock is trading below the 10-Day and 20-Day Moving averages of $0.0140 and $0.0146. Moreover, the stock is trading is the neutral zone with RSI stands at 38.
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