Judge Faults Newsmax for 'Forum-Shopping,' Moves Fox Antitrust Lawsuit Back to Florida
NMAX sits 33% above its 52-week low of $5.11 on elevated volume (3.7× avg).
Summary
A federal judge has ordered Newsmax's antitrust lawsuit against Fox Corp to be transferred from Wisconsin back to Florida, citing Newsmax's improper 'forum-shopping.' The judge stated that Newsmax abandoned an earlier case in Florida after an adverse ruling and refiled it in Wisconsin without proper justification. This procedural ruling is a setback for Newsmax in its ongoing antitrust litigation against larger rival Fox, as it indicates a judicial disapproval of its legal strategy and could prolong the process. While the lawsuit itself, which accuses Fox of suppressing competition, was not dismissed on its merits, this development adds a significant hurdle for Newsmax. Investors should monitor the progress of the lawsuit as it proceeds in the Florida court.
At the time of this announcement, NMAX was trading at $6.80 on NYSE in the Technology sector, with a market capitalization of approximately $878.1M. The 52-week trading range was $5.11 to $27.49. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.