(MENAFN- ProactiveInvestors) Shares in Fitbug () drooped after a setback in its trademark dispute with US outfit Fitbit.
The UK company took legal action in the US against Fitbit Inc because it believes Fitbit's use of its trademark is infringing on Fitbug's rights.
The company has asked the US District Court in Northern California to order Fitbit to permanently cease use of its Fitbit mark and from engaging in conduct that is causing confusion with Fitbug's brand and services but on Tuesday the UK firm learnt that the court has granted summary judgment in Fitbit's favour on the defence of an unreasonable delay by the plaintiff in bringing the claim.
Fitbug is currently in discussions with its legal advisors and is considering its options.
Shares in Fitbug which are up sevenfold over the last year lost one-sixth of their value after the legal update.
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