MP3.com Shares Fall After Judge's Ruling
- — 08 September, 2000 14:31
MP3.com's stock closed at $US6.18 per share, down 21.43 per cent on heavy trading. Analysts from Robertson Stephens and Chase H&Q each downgraded the stock to Market Perform on Thursday.
Litigation has taken a toll on MP3.com's stock price over the last year. The vendor has already settled a number of other copyright infringement cases, with Warner Brother Music Group, EMI Group, BMG Entertainment and Sony Music Entertainment.
Shares of MP3.com have plummeted from a high of $US64.62 in the early part of November 1999 to a low at one point in today's trading of $US5.93 per share.
US District Court Judge Jed Rakoff said that MP3 could be required to pay at least $US118 million in damages in the Universal case. That figure could vary based on how many of Universal's CDs are deemed applicable in the case during the final phase of the trial, expected in November.