VeriSign Shares Fall 14% On Appeals Court Ruling
2009 June 8
Investors in VeriSign may not know much about domain names, but they sure didn’t like the appellate courts ruling on Friday, allowing the suit against VeriSign to continue. (We told you in the post its was a big deal).
Share of VeriSign closed at $19.90 a share down over 14%, after hitting a intraday low of $19.46.
Over 20 million shares traded hands on Monday, the first trading day after the Federal Court of Appeals ruling. VeriSign averaged over the last 3 months, just over 4 Million shares a day.
The lawsuit could void the contract with ICANN and eventually lead to a class action suit where every domain owner seeks a refund of fees paid for domain registrations and renewals.
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Michael’s quote –
“The lawsuit could void the contract with ICANN and eventually lead to a class action suit where every domain owner seeks a refund of fees paid for domain registrations and renewals.”
As nice as it sounds Michael, as a lawyer, you know it will happen.
But, it is nice to dream.
And, we also know that the only groups that makes out with a class action lawsuit are the 2 legal teams.
“you know it will happen”
Mis-type or wishful thinking.
I meant to say
you know it will NOT happen.
This isn’t going to make ICONN look very good either
Domain Investor
I believe it will happen.
Actual damages are EASY to prove.
Godaddy is on the record saying if they were allowed to have bid for the contract they would have offered to run the registry for $3 a registration with no price increases.
If VeriSign is found to be in violation of the anti-trust acts then every major class action firm will be on this.
Shares of VeriSign are down this morning another 3%.
Investors are worried.
UPDATE
Shares of VeriSign sank another 4% today in trading down $.97 at $18.93