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Mobile Embrace Ltd share price jumps 14% on litigation settlement

The Mobile Embrace Ltd (ASX: MBE) share price has surged higher in afternoon trade following a positive announcement out of the mobile marketing and carrier billing m-commerce company.

In late trade its shares are up 14% to 8.8 cents.

What happened?

This afternoon the company advised that it has settled its ongoing litigation with GBD Ventures.

GBD Ventures was suing Mobile Embrace for approximately $3.5 million for losses alleged to have been incurred under a digital video advertising inventory supply agreement.

According to the release, judgement has gone in favour of Mobile Embrace. The company’s cross-claim has, however, been dismissed.

As a result, under the terms of the settlement, all parties will be responsible for payment of their own legal costs.

Despite today’s gain, Mobile Embrace’s shares are still down a disappointing 45% year-to-date.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.