NEW YORK (AP) — Shares of LogMeIn Inc. slipped in morning trading Wednesday, a day after closing up 20 percent following a favorable verdict in a patent dispute.
The Woburn, Mass.-based company, which operates a service that lets people remotely access their computers, said Tuesday that a federal jury in Virginia found that LogMeIn products do not infringe on a patent held by a company called 01 Communique. 01 Communique filed the complaint against LogMeIn in 2010.
Wunderlich Securities analyst Richard Baldry said the verdict was a "minor positive." Still, he said the lawsuit had been little more than a "distraction" for LogMeIn, and Tuesday's 20 percent jump in its stock price wasn't warranted.
Shares fell $1.31, or 6.2 percent, to $19.95. In the past 12 months, the stock has swung from a high of $38 last April to a low of $16.12 last month.